Chapter 14- Business Organizations

Chapter 14- Business Organizations - Chapter 14- Business...

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Chapter 14- Business Organizations T RUE -F ALSE  Q UESTIONS         1. In a sole proprietorship, the owner and the business are entirely separate.         2. In a sole proprietorship, the owner receives all of the profits.         3. The income of a sole proprietorship is taxed to the owner as personal income.         4. A franchisee is not subject to the franchisor’s control in the area of product quality.         5. There is no state law covering franchises.         6. There are no federal laws covering franchises.         7. A partnership is an association of two or more persons to carry on, as co-owners, a business for profit.         8. A general partner is not personally liable for partnership debts if its assets are insufficient to pay its  creditors.         9. A partnership is usually considered a legal entity apart from its owners.         10. Unless a partnership agreement specifies otherwise, profits are shared in the same ratio as capital  contributions. M
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Chapter 14- Business Organizations - Chapter 14- Business...

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