Podcast
Questions and Answers
What is required in order to register a trade name?
What is required in order to register a trade name?
- Home address
- Business address
- Both home and business addresses (correct)
- Only the legal name of the business
Which of the following is a disadvantage of a sole proprietorship?
Which of the following is a disadvantage of a sole proprietorship?
- Limited personal liability
- Owner is responsible for all liability (correct)
- Multiple owners to share costs
- Business continuity after owner's death
What happens to the assets of a sole proprietorship after the owner's death?
What happens to the assets of a sole proprietorship after the owner's death?
- Executors are not allowed to incorporate them
- Assets go to the deceased owner's family
- Assets are sold to pay off debts
- Executors allowed to incorporate them (correct)
In a general partnership, how many general partners can there be?
In a general partnership, how many general partners can there be?
What is one of the advantages of a sole proprietorship?
What is one of the advantages of a sole proprietorship?
Which form of business has net profits taxed as part of the owner's income?
Which form of business has net profits taxed as part of the owner's income?
What type of entity has unlimited personal liability for the general partners' obligations after the exhaustion of entity assets?
What type of entity has unlimited personal liability for the general partners' obligations after the exhaustion of entity assets?
Which entity structure allows for profits and losses to be passed through to both general and limited partners?
Which entity structure allows for profits and losses to be passed through to both general and limited partners?
In which type of entity are the owners all general partners with limited liability for the acts of other partners?
In which type of entity are the owners all general partners with limited liability for the acts of other partners?
Which structure involves an unlimited number of 'members' and usually no personal liability for the members?
Which structure involves an unlimited number of 'members' and usually no personal liability for the members?
Which form of entity requires filing a Certificate of Limited Liability Partnership at SDAT?
Which form of entity requires filing a Certificate of Limited Liability Partnership at SDAT?
Which entity has a management structure determined by an Operating Agreement?
Which entity has a management structure determined by an Operating Agreement?
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