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Cards In This Set
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T/F A secret partner has limited liability for the firm's debts
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F
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T/F a new sole propritor should use a thriving business' name to get a succesful start
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F
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T/F a partnership by estoppel is not a real partnership
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T
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T/Fin a general partnership, each partner is liable for the other partners' actions within the scope of the partnership
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T
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T/F Business profits or losses are combined with the sole proprietor's other income for income tax purposes
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T
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A partnership that is formed simply by the war two or more people conduct their business is called
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Partnership by proof of existence
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Most partnership law is set forth in the
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Uniform partnership act
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Co-ownership of all the real and personal property included in the partnership is referred to as
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Tenancy in partnership
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When a partnership ends, the firm;s assets are first paid to
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Creditors other than partners
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A partner who takes no active rold, but is known pulicly and has unlimited liability is a
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Silent partner
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A form of business that is owned and operated by one person
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Sole propritorship
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Ownership of an undived interest in property by two or more people
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Joint tenancy
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Legal detachment or breaking off of a partnership
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Dissolution
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Co ownership of all the real and personal property included in the partnership
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Tenancy in partnership
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In a partnership, all the partners must be sued together in a lawshuit
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Joint liability
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