p 341 Mike lends money to Kathy as a business loan to Kathy who is capitalizing

P 341 mike lends money to kathy as a business loan to

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57.(p. 341)Mike lends money to Kathy as a business loan to Kathy who is capitalizing her start up sole proprietorship named Kathy's Things. If Mike must sue for repayment, he would sue: A.Kathy.B. Kathy's Things.C. Kathy and Kathy's Things.D. no one since the loan makes him a partner.The principal is solely liable for debts of a sole proprietorship.AACSB: AnalyticBlooms: UnderstandDifficulty: MediumLearning Objective: 13-02 List the elements required to form a general partnership and the statutory requirements for forming a limited partnership.Melvin - Chapter 13 #57Topic: Sole Proprietorships 58.(p. 350)A business which exists in fact although not formally recognized is referred to as being: A business which is existing and operating but has not necessarily been recognized as formally existing in law, perhaps because of the failure to file a necessary form or certificate, will be considered de facto.AACSB: AnalyticBlooms: RememberDifficulty: EasyLearning Objective: 13-02 List the elements required to form a general partnership and the statutory requirements for forming a limited partnership.Melvin - Chapter 13 #58 Topic: Legal Speak Feature
59.(p. 342)Lisa and Tara are operating a business as a general partnership without an express partnership agreement. Should a dispute arise, the courts will look to ________ to resolve the issue regarding operation of the partnership. Courts will defer to RUPA standards when no agreement has been made.AACSB: AnalyticBlooms: RememberDifficulty: EasyLearning Objective: 13-03 Recognize the effect and role of the RUPA for general partnerships and the RULPA for limited partnerships.Melvin - Chapter 13 #59Topic: General Partnerships 60.(p. 346)Which of the following requires a formal filing to be recognized as a valid business entity? The limited partnership requires a certificate of limited partnership be files while sole proprietorships and general partnerships may be implied from principal's actions.AACSB: AnalyticBlooms: UnderstandDifficulty: MediumLearning Objective: 13-02 List the elements required to form a general partnership and the statutory requirements for forming a limited partnership.Melvin - Chapter 13 #60 Topic: Formation

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