Question 1111 pts Unlimited liability with respect to business ownership means _

Question

Question 1111 pts

Unlimited liability with respect to business ownership means ________.

Question 1121 pts

All of the following EXCEPT ________ would be an advantage to partnership.

Question 1131 pts

Which of the following parts of a partnership agreement spells out the policy regarding partners entering into key financial or contractual agreements?

Question 1141 pts

The most significant difference between a partnership and a sole proprietor is the ________.

Question 1151 pts

Which of the following tasks is NOT the responsibility of the board of directors?

Question 1161 pts

Which of the following types of ownership is limited to 100 owners?

Question 1171 pts

The owners of a corporation are known as general corporate partners.

Question 1181 pts

Which of the following statements BEST describes the distinction between a not-for-profit corporation and a for-profit corporation?

Question 1191 pts

Not-for-profit organizations may NOT earn a profit.

Question 1201 pts

In a partnership, all profits and losses flow through each partner's ________.

Explanation / Answer

Answer:1111 to have an obligation to pay all business debt

Because Unlimited liability means that the owners of a business are liable for any and all debts incurred by the business.

Answer:1121 unlimited liability

Because Advantages of partnerships include a larger pool of skills, more time available to increase sales, marketing or income and a larger pool of financial resources. A disadvantage is unlimited liability.

Answer:1131 responsibilities of partners

Because Partnership agreements are written to help prevent misunderstandings. Partnership agreements should include the terms of the decision-making process. It should define who will make the key decisions, so that when decisions on key financial or contractual agreements need to be made, the partnership is prepared. This information is contained within the section on responsibilities of partners.

Answer:1141 number of people contributing resources

Because The biggest difference between a partnership and a sole proprietorship is the number of people contributing to resources. In a sole proprietorship there is only one owner. In a partnership, two or more individuals share ownership and thus contribute to the starting and ongoing capital of the business as well as sharing in the workload and collaborating on business decisions.

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