12 Questions
What is required in order to register a trade name?
Both home and business addresses
Which of the following is a disadvantage of a sole proprietorship?
Owner is responsible for all liability
What happens to the assets of a sole proprietorship after the owner's death?
Executors allowed to incorporate them
In a general partnership, how many general partners can there be?
Unlimited
What is one of the advantages of a sole proprietorship?
Profits go entirely to the owner
Which form of business has net profits taxed as part of the owner's income?
Sole proprietorship
What type of entity has unlimited personal liability for the general partners' obligations after the exhaustion of entity assets?
General Partnership
Which entity structure allows for profits and losses to be passed through to both general and limited partners?
Limited partnership
In which type of entity are the owners all general partners with limited liability for the acts of other partners?
Limited liability limited partnership
Which structure involves an unlimited number of 'members' and usually no personal liability for the members?
Limited liability company
Which form of entity requires filing a Certificate of Limited Liability Partnership at SDAT?
Limited liability limited partnership
Which entity has a management structure determined by an Operating Agreement?
Limited liability company
Test your knowledge on trade names and forms of business formation. Topics covered include registering trade names, sole proprietorship, and liability in different business structures.
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