Why would someone put up a sole proprietorship? To enjoy all profits that can be made from the business To take control of all the aspects of the business All options are correct To make all decisions regarding the business
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- Why would someone put up a sole proprietorship? A)All options are correct B)To take control of all the aspects of the business C)To enjoy all profits that can be made from the business D)To make all decisions regarding the businessLily wants to build a business. She has very little capital. She does, however, have a partner with which she could run a business. Lily wants to be able to avoid being held personally liable for any problems the business has. Which of the following would lead Lily to choose a sole proprietorship organization for her business? A. None of the above B. Avoidance of personal liability C. Possession of a partner D. Little capital1. The main disadvantage of a corporation is double taxation. a. True b. False 2. A partnership is easier to form, operate, and terminate than a proprietorship. a. True b. False 3. A disadvantage of a partnership is that: a. financial resources are obtained from one person only. b. each partner is responsible for the acts of every other partner. c. specialized skill is difficult to find in the individual partners. d. there are inadequate management and employee skills. 4. A partnership is a form of business that is: a. formed for only civic, educational, charitable, and religious purposes. b. organized to provide a professional service for which each shareholder is licensed. c. owned by two people who share ownership of a single business. d. created to obtain financial sources from only one person. 5. Small business owners prefer a proprietorship over other forms of business because it: a. provides…
- (1) How many sole proprietors do you know? Do theyseem satisfied with the choice of working forthemselves? Why or why not? (2) Would you everconsider going into business as a sole proprietor?Why or why not?1. Dave and Earl decide to open a restaurant and operate the business as a corporation. At the directors’ initial meeting, the directors mayAnsweradopt articles of incorporation only.adopt bylaws only.choose a corporate name only.adopt articles of incorporation and bylaws and choose a corporate name.2.Pat goes to the Cosmic Runners Supply Store in Santa Cruz, California. The sales person shows Pat some running shoes and says, “In a race, these shoes will pick up the cosmic energy from the runners around you and channel it into your legs. This transfer of energy causes everyone with these shoes to run twice as fast as in normal shoes.” Yet in Pat’s next race, she finishes last; and then she sues the store and the sales person for common law fraud. What would be the likely result of such a lawsuit?Answera. Pat would win since the statement was not true.b. Pat would lose since her reliance on the statement was not justified as reasonable.c. Pat would win if she…Why would someone put up a sole proprietorship? All options are correct To take control of all the aspects of the business To enjoy all profits that can be made from the business To make all decisions regarding the business
- Which of these relationships is false? a. Current Asstes+NON-Current Assests=Liabilites+Equity b. Assets-Liabilities=Equity c. Assets-Equity=Non-Current LiabiltiesSandy works for RigorMart. She supervises regional managers and directs them based on orders from the board of directors. Sandy’s position also entitles her to stock ownership in the company. What is Sandy’s position in the company? Executive and shareholder Executive, shareholder, and director Executive ShareholderIndependent directors are the agent and trustee of the company, their duties andresponsibility towards the shareholder and other stake holders are akin to full time director ,but there are few cases reported where the independent director had their personnel hiddeninterests in the company that jeopardize the general interest of the appointing independentdirector on board of company. Explain the responsibility of the independent directorstoward shareholder and stakeholder. Explain in detail about your role in board meetings if you areappointed as an independent director of a company.
- 30) What is an advantage of partnerships over sole proprietorships? A. In partnerships, the owners have complete control of the business, whereas in sole proprietorships they do not. B. Partnerships make possible the greatest degree of secrecy, whereas sole proprietorships do not. C. In partnerships, the owners have access to more funds than in sole proprietorships. D. In partnerships, all owners have limited liability, whereas in sole proprietorships they have unlimited liability. E. Partnerships are easy to form, whereas sole proprietorships are not.1. Which liability policy is BEST suited to protect someone who manages private pensions and employee plans? a. Eros and omissions b. Malpractice c. Fiduciary liability d. Directors and officers 2. Under personal automobile expenses, the insurer pays personal expenses for a. Medical or funeral services b.Rental car reimbursement c. Pain and suffering d. Long- term disability care 3. Which of the following is NOT part of the common policy conditions under a businessowners policy (BOP)? a. Vandalism b. Cancellation c. Policy Period d. Premium payment 4. Which of the following is an example of an unfair claim settlement practice? a. Delaying the settlement of claims submitted in which liability has become clear. b. Replacing a police when it is in the best interest of the insured c. Adopting and implementing standards to settle claims in a timely manner d. Disclosing the settlement terms and provisions of the contract of insurance 5. The purpose of the New York State Disability…4. Which of the following statements are true about an S Corporation? Group of answer choices A. Shareholders of an S Corps have limited liability B. Shareholders of an S Corps are liable for all profits and losses as a flow-through tax entity C. S Corps only have one class of stock D. S Corps limit the number of shareholders to no more than 100 E. All of the above are true