Articles of Co-Partnership and Business Organization Quiz

Play an AI-generated podcast conversation about this lesson

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?

It acts as a single person despite being constituted by multiple persons 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?

Cooperative Signup and view all the answers

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

Corporation 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?

Limited life Signup and view all the answers

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

20% 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?

Co-ownership of property Signup and view all the answers

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

$3,000 Signup and view all the answers

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

General partner Signup and view all the answers

Under what circumstances may a partnership be dissolved?

Withdrawal of a partner Signup and view all the answers

Articles of Co-Partnership and Business Organization Quiz

Podcast Beta

Questions and Answers

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

Which type of business organization is characterized by being owned and managed by only one person?

In a partnership, the persons involved are known as what?

What distinguishes a corporation from other types of business organizations?

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

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

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?

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

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

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

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

Under what circumstances may a partnership be dissolved?

More Quizzes Like This

Article Co-authored by Journalist and Cognitive Scientist on Cognitive...

Article Summary: Police Shootings Study

U.S. History Chapter: Articles of Confederation

Weaknesses of the Articles of Confederation

Upgrade to continue