Review Test Submission: Chapter 13 Review QuizUserJemina M KalisCourse::Legal Env of BusTestChapter 13 Review QuizStarted4/13/20 7:25 PMSubmitted4/13/20 7:52 PMDue Date4/19/20 11:59 PMStatusCompletedAttempt Score8.5 out of 12 points Time Elapsed26 minutes out of 1 hourResults DisplayedAll Answers, Submitted AnswersQuestion 10.5 out of 0.5 pointsRedrock GP has decided to go out of business. Selling the partnership assets and making payments to creditors will occur during the ________ phase of the closing of a partnership.Selected Answer:winding-upAnswers:dissociationterminationdissolutionwinding-upQuestion 20.5 out of 0.5 pointsJonathan has graduated and wants to start a business. Which business entity gives him the most complete and exclusive control over the business and any business decisions?Question 30.5 out of 0.5 pointsMariel owns a toy store, which is a sole proprietorship. She wants to retire. What is the best way for Mariel to transfer the ownership of her business?
Question 40.5 out of 0.5 pointsA partnership is considered fully terminatedQuestion 50.5 out of 0.5 pointsSonya and Davi are going to open a sporting goods store. They sign a written limitedpartnership agreement naming Davi as a limited partner and Sonya as the general partner. Sonya files a certificate of limited partnership with the state. Sonya contributes $100,000 toward the start-up, while Davi contributes $200,000. They agree to split profits evenly because Sonya will be working in the store and operatingthe day-to-day business. About a month after they open, the business is not doing well, so Davi starts becoming more involved. Soon he is requiring that Sonya approve all purchases with him, and Davi is actively directing Jack, the sole employee. One day, Geoff, a customer, is injured when a bowling ball falls off a shelf and shatters his foot. Geoff sues and is awarded a judgment of $1 million.Selected Answer:Under the circumstances, Sonya and Davi are both jointly and severally liable for the full $1 million.Answers:Whoever negligently secured the bowling ball on the shelf is liable for the $1 million liability.Under the circumstances, Sonya and Davi are both jointly and severally liable for the full $1 million.As this was a limited partnership, Sonya is liable for $800,000 and Daviis liable for $200,000.Sonya and Davi are each liable for up to $500,000.