Business Organization - Duy L Ton-That BUL 5332 Business...

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Duy L. Ton-That BUL 5332 Business Organization. 1. A. Correct. The owner of the business has unlimited liability as he is responsible for the business's debts because he has control over the business. B. Wrong. As stated in A, he is responsible for the business’s debts even if it is more than the amount of his investment. C. Wrong. Similar to B. D. BS 2. A. Wrong since a written K is not necessary. B. Correct since for a P/S to form, Fine and Walters must be co-owners. C. Wrong. BS. D. Wrong. If they shared profit and business decision, they will form a P/S even if they do not intend to create one. 3. A. Wrong. A P/S is not viewed as a separate person for taxes. B. Wrong. BS C. Correct. D. Wrong. A P/S is viewed as an aggregate of its members. 4. A. Wrong. BS. B. Wrong. BS. C. Correct. D. Wrong. BS 5. A. Wrong. A partner has the right to assign their P/S interest without causing a dissolution of the P/S. B. Wrong. In this case, all the assignee gets it the partner profits in the partner’s stead and/or the return of the partner’s contribution.
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