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Types of Business Ownership: Sole Proprietorship vs. Cooperative

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Types of Business Ownership: Sole Proprietorship vs. Cooperative

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Questions and Answers

Which of the following is an advantage of a partnership?

Limited skills

Potential difficulty in borrowing money

Unlimited liability

Low working capital requirement (correct)

What is a disadvantage of a partnership?

Low costs to start

Owner receives all profits

Limited financial sources (correct)

Direct control of business

In a partnership, the business is terminated upon the death or incapacity of:

Majority of the partners

All partners (correct)

Only one partner

The most skilled partner

What does a partnership agreement help with?

Defining the terms of the partnership Signup and view all the answers

Which statement is true regarding the control of a partnership business?

The owner can maintain personal contact with employees Signup and view all the answers

What is a potential difficulty faced by partnerships?

Unlimited liability Signup and view all the answers

What is an advantage of a partnership?

Easy to form Signup and view all the answers

Which of the following is a disadvantage of a partnership?

Unlimited liability Signup and view all the answers

Why is lack of continuity a disadvantage of a partnership?

It affects the stability and long-term prospects of the business Signup and view all the answers

What is a disadvantage related to the protection of minority interest in a partnership?

Unlimited liability for all partners Signup and view all the answers

Why is business secrecy higher in a partnership compared to a corporation?

Mutual agency among partners Signup and view all the answers

Which type of partnership has partners with unlimited liability for partnership debt?

General partnership Signup and view all the answers

What is a key disadvantage of a limited partnership compared to a corporation?

Unlimited liability for debts Signup and view all the answers

Which business type offers tax advantages compared to a corporation?

General partnership Signup and view all the answers

What is a distinguishing feature of a limited partnership?

Two classes of partners with different liabilities Signup and view all the answers

In which type of business organization are general partners responsible for management?

Limited partnership Signup and view all the answers

What special document must officials of a share company file for establishment?

Articles of Incorporation/Charter Signup and view all the answers