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70.(p. 341)Which of the following does not require two or more principals? A. limited partnershipsB. limited liability partnershipsC.sole proprietorshipsD. limited liability companiesCorporations and sole proprietorships require only one principal.AACSB: AnalyticBlooms: ApplyDifficulty: HardLearning Objective: 13-01 Articulate the factors that business owners should consider when selecting a business entity.Melvin - Chapter 13 #70Topic: Table 13.1 Common Forms of Business Entities Feature
71.(p. 342)How is the Revised Uniform Partnership Act similar to the Uniform Commercial Code in terms of gapfilling? 72.(p. 346)What process will the courts use to resolve a dispute between principals of a limited partnership in the absence of a written partnership agreement?
73.(p. 343)Thelma and Louise are roommates in college. Thelma loves to bake and makes incredibly tasty chocolate chip cookies. Louise suggests that they sell the cookies around campus and split the profits. They orally agree that Louise will advertise the cookies, provide decorative bags to put the cookies in and be responsible for deliveries around campus while Thelma will obtain the ingredients and do all the baking. They intend for the whole endeavor to be low key and informal. Have Thelma and Louise created a business entity and why is it important for them to fully understand their relationship? Thelma and Louise have created an implied general partnership. Even though there was no intent to be a formal business, their actions have given rise to the elements of the general partnership. They are two people, acting as co-managers, in business for a profit. The importance of recognizing the existence of the partnership relationship is many multifold. Each is now an agent of the other meaning that if either harms a third party in