Articles of Co-Partnership and Business Organization Quiz
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the main purpose of the Articles of Co-Partnership?

  • To determine the taxation policies of the partnership
  • To establish the partnership's marketing strategies
  • To outline the partnership's organizational structure (correct)
  • To specify the day-to-day operations of the partnership
  • Which type of business organization is characterized by being owned and managed by only one person?

  • Partnership
  • Cooperative
  • Sole proprietorship (correct)
  • Corporation
  • In a partnership, the persons involved are known as what?

  • Stockholders
  • Partners (correct)
  • CEOs
  • Directors
  • What distinguishes a corporation from other types of business organizations?

    <p>It acts as a single person despite being constituted by multiple persons</p> Signup and view all the answers

    Which type of business organization is based on joint ownership and democratic control for the benefit of its members?

    <p>Cooperative</p> Signup and view all the answers

    In which type of business organization do individuals put capital in and become stockholders?

    <p>Corporation</p> Signup and view all the answers

    Which characteristic of a partnership states that a partnership may be dissolved at any time by action of the partners or by operation of law?

    <p>Limited life</p> Signup and view all the answers

    What is the income tax rate for partnerships starting from the fiscal year 2021?

    <p>20%</p> Signup and view all the answers

    Which characteristic of a partnership ensures that properties contributed to the partnership are owned collectively by the partnership and not by individual partners?

    <p>Co-ownership of property</p> Signup and view all the answers

    What is the minimum capital required for a written agreement in a partnership?

    <p>$3,000</p> Signup and view all the answers

    Which partner in a general partnership may be held personally liable for the debts of the partnership?

    <p>General partner</p> Signup and view all the answers

    Under what circumstances may a partnership be dissolved?

    <p>Withdrawal of a partner</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Browser