Question 1011 pts Jaden and Noel are starting a computer repair business togethe

Question

Question 1011 pts

Jaden and Noel are starting a computer repair business together. Jaden insists on outlining rules for the departure of partners in the partnership agreement, although Noel does not think it is necessary. Which of the following statements might Jaden use to explain his insistence to Noel?

Question 1021 pts

Members are the most important part of a cooperative.

Question 1031 pts

Management and ownership roles would most likely be separate in what type of business structure?

Question 1041 pts

Alex and Bailey opened a dance studio together as general partners. They each invested $10,000 of their personal savings. After one year in business, they decided to close the doors. Their partnership agreement said they would divide profits and losses 50/50. They have more debt than assets. Alex and Bailey will each ________.

Question 1051 pts

Arthur is a truck driver who owns his own business. He has been on the road for several months, and the constant wear and tear on his truck results in the need for several major mechanical repairs. This generates a loss for his business. Which of the following reflects how this will affect Arthur's tax obligation?

Question 1061 pts

A limited partner is an owner who assumes no management responsibility and has no liability for losses beyond the amount invested.

Question 1071 pts

The biggest difference between general and limited partnerships involves who accepts most of the business liability.

Question 1081 pts

A partner who invests money in a business but is not involved in the day-to-day operation and is only risking capital equal to what they have contributed is called a ________.

Question 1091 pts

Leslie is excited to begin a personal shopping business. She is planning to have employees and is concerned about losing personal assets should something happen to the business. She would like to focus on profits and building a business but she does not want her business to pay its own taxes. What ownership structure is Leslie's best choice?

Question 1101 pts

The organizational structure of a corporation allows for shareholders to have control over the company's daily operations.

Provisions to remove a partner's ownership interest are necessary so the business would not have to end.

Explanation / Answer

Answer 1011 - Provisions to remove a partner's ownership interest are necessary so the business would not have to end.

1021 - True Cooperatives are formed by individuals who coordinate among themselves to achieve vertical integration in their business activities.

1031- Corporation as the share holder don't interfere in management they elect the directors and they appoint managers to look after day today operations.

1041- lose personal assets to repay the debt since a partnership is not considered to be a separate entity from the partners who own it

1051 : Arthur's tax obligation will be reduced.

1061 - True

1091- S corporation

1101- False

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