Question

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1. Which form of business organization has two different types of partners? (1 point)
A.corporation
B.limited partnership
C.general partnership
D.sole proprietorship

2. All of the following are factors that would terminate a general partnership except (1 point)
A.a partner filed for bankruptcy.
B.the disability of one or more of the partners.
C.the death of one or more of the partners.
D.a partner is deemed legally insane.

3. In order for Andrew to start a business, he had to file articles of organization with the Office of the Secretary of State. What type of business organization is Andrew starting? (1 point)
A.sole proprietorship
B.general partnership
C.limited liability company (LLC)
D.corporation

4. To form a sole proprietorship, ________ is required. (1 point)
A.completion of a simple federal form
B.a local business license
C.an application procedure as defined by the state in which the sole proprietor lives
D.a letter of intent to the sole proprietor’s locality

5. Which of the following statements accurately captures the taxation of sole proprietorship? (1 point)
A.Taxes are reported on the sole proprietor’s personal income taxes.
B.Losses are reported on the sole proprietor’s personal income taxes; earnings are reported at the business level.
C.Only losses are reported for the first three years as an incentive for individuals to start businesses.
D.State and local taxes are waived for the first three years; federal taxes are reported on a personal income tax form.

Answer 1

1-B

2-A

3-C

4-B

5-A

Step-by-step explanation:

plz crown

Answer 2

1. Which form of business organization has two different types of partners? (1 point)

Answer : B) Limited partnership

Reason: In a limited partnership (LP), at least one partner has unlimited liability—the general partner(s). The other partners (limited partners) have limited liability, meaning their personal assets typically cannot be used to satisfy business debts and liabilities.

So here we have two different type of partners : General partners and limited partners.

2. All of the following are factors that would terminate a general partnership except (1 point)

Answer: A) a partner filed for bankruptcy

Reason: Here the partner filed for bankruptcy, that doesn't become a factor that would determine the termination of partnership. If the partnership business files for bankruptcy , it is a reason for bankruptcy.

3. In order for Andrew to start a business, he had to file articles of organization with the Office of the Secretary of State. What type of business organization is Andrew starting? (1 point)

Answer: C.limited liability company (LLC)

Reason: Two main types of business entities exist: unincorporated businesses and incorporated businesses. An unincorporated business, such as a sole proprietorship or general partnership, does not need special formation documents to come into existence.Articles of organization are formation documents used to create limited liability companies.

4. To form a sole proprietorship, ________ is required. (1 point)

Answer: B.a local business license

Reason: The sole proprietorship is a popular business form due to its simplicity, ease of setup, and nominal cost. A sole proprietor need only register his or her name and secure local licenses, and the sole proprietor is ready for business.

5. Which of the following statements accurately captures the taxation of sole proprietorship? (1 point)

Answer: A.Taxes are reported on the sole proprietor’s personal income taxes.

Reason: As a sole proprietor you must report all business income or losses on your personal income tax return; the business itself is not taxed separately.

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