Unit 2 Review Part A ENT

What is a business owned by two or more people known as

• Partnership

• Sole Proprietorship

• Limited Liability Company

• NonProfit

How many times would you be taxed in a Partnership?

• Twice

• Once

• Double

• Triple

What is one downside of a Limited Partnership?

• Pass through Taxiation

• Wont have much say so on the day to day operations

• Owned by two or more people

• Limited to the amount of their investment

True or False:

All limited partnerships must have at least one general partner who is subject to limited liability.

• True

• False

True or False:

In a General Partnership all owners are subject to unlimited liability for the company's debt and damages

• True

• False

• It depends on the situation

• If the General Partner is doing his job

Who is not personally liable for the conduct of other partners or the debts and damage of the business?

• Limited Liability partner

• General Partner

• Unlimited Liability partner

• Everyone is responsible

What is an unincorporated business entity owned and operated by a single individual?

• Partnership

• Sole Proprietorship

• Limited Liability Company

• General Partnership

What is the default business entity designation for anyone selling a service or product themselves?

• Sole Proprietorship

• Limited Liability Company

• General Partnership

• Joint Venture

Which business type offers the lowest protection for owners?

• General Partnership

• Sole Proprietorship

• Limited Liability Company

• Non Profit

Which legal entities help protect owners from personal liability for any debts and damages accrued by the business?

• Limited Liability Company

• Partnership

• NonProfit

• Sole Proprietorship