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WorksheetsDis/Advantages of Partnerships and Corporations
Total questions: 9
Worksheet time: 13mins
True/False: Partnerships are easy to form and require minimal paperwork.
True
False
Are these advantages or disadvantages of a partnership?
Ease of start-up
Availiablility of funds capital/credit
Combined skills and knowledge
Unlimited liability
Frozen investment
Management disagreements
Personal interest
Retention of profits
No special taxes
Partnerships pay ___ income tax.
no
some
a lot of
Partnerships are (a) if any one of the general partners withdraws from the business, is legally incompetent, or (b)
Limited liability is a feature of a (a)
A partnership is?
A feature of corporate ownership that limits each owner's financial responsibility.
Appointed by a board of directors.
A voluntary association of two or more persons to act as co-owners of a business for profit.
A person who invests money in a business but who has no management responsibility.
A corporation is?
An artificial person, created by law, with most of the legal rights of a real person.
A real person who exists outside fo paper.
A person who assumes full or shared responsibility for operating a business.
Organize the advantages and disadvantages of corporations.
Limited liability
Ease of raising capital
Ease of transfer of ownership
Difficulty and expense of formation
Double taxation
Lack of secrecy
Internal conflict
Corporations must pay a tax on their (a) and profits received as (b)
