FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 4: Choosing a Form of Business Ownership

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 61

True/False

Review LaterAdd Note

Review Later

A corporation chartered in Canada and doing business in the United States is known as a foreign corporation in the United States.

A) True
B) False

Correct Answer

verified

Show Answer

Question 62

Short Answer

Review LaterAdd Note

Review Later

What is the difference between a joint venture and a syndicate?

Correct Answer

Answered by ExamLex AI

A joint venture and a syndicate are both...

View Answer

Show Answer

Question 63

Multiple Choice

Review LaterAdd Note

A contract between a business and a state recognizing the business as an artificial person is known as the

Which form of business is the easiest to start?

How would you go about incorporating a business? Describe the information contained in a corporate charter.

Wade Comer and Tom Busby decide to start a partnership and offer accounting services. Which of the following is the best way to start this partnership?

Which of the following is necessary for starting a sole proprietorship?

Corporations are forbidden by law to enter joint ventures.

B&G, Inc. A year ago, Kevin went to work for B&G, Inc. He has worked for the finance department ever since he started. He noticed that the corporation was only taxed as though it were a partnership. This was something that he found very odd when he first started working for the company, but he later realized it was a fairly common practice. He recognized that this was one of the advantages of this type of corporation. While the job was challenging, Kevin was not happy. He wanted to work for a company whose main goal was to provide service to the community, not to make a profit. However, Kevin felt that, considering his present financial situation, he had to continue working for B&G, Inc. A week later, Kevin discovered there was going to be a merger between B&G, Inc. and one of its major competitors. Kevin's boss informed him that he would be getting a promotion and a raise. While he was excited about making more money, he still was not happy. He knew then that he would not be working for the company for long. -Refer to B&G, Inc. What type of organization was Kevin considering switching to?

Every partnership must have at least one limited partner.

To close a sole proprietorship, the owner must

With regard to taxation of partnerships, which of the following statements is true?

A merger between firms in completely unrelated industries is known as a

A banker or lender is more likely to make sizable loans to a sole proprietor than to a partnership.

Karen Howard loves to cook and receives unqualified praise whenever she prepares a meal for someone. Encouraged by these compliments and eager to put her culinary talents to good use, Karen decides to open a small neighborhood restaurant. Since she plans to maintain complete control of the business, she will most likely organize it as a

As with a sole proprietorship, one disadvantage of a partnership is a lack of continuity.

Judy Barnes, Betty Turley, and Bob Turner want to obtain limited liability for their business, but they want to avoid double taxation. Which type of business ownership would you recommend?

The weakness of one partner may be offset by another partner's strength.

To raise capital, Candace Tyson and Martha Black plan to sell stock to between 108 and 200 investors. They also want to avoid double taxation. Which type of business ownership would you recommend?

A ____ is a merger between firms operating at different but related levels in the production and marketing of a product.