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QUESTION 23 Land. Inventory. Equipment. Patents and copyrights.QUESTION 24 State law. Federal law.

1. Article 9 of the UCC does not cover a security interest in the following:

1.Bankruptcy proceedings are commenced under:

Local (city or county) law.

State or federal law at the option of the debtor.


1.  Sole proprietorships are the most common form of business organization in the United States.




1.The right to participate in the management of the business is evidence of a partnership.




1.In an LLC, all owners have limited liability.




1.The major disadvantage of a sole proprietorship is:

The difficulty and cost of formation.

The unlimited liability for the business's debts.

The sharing of management authority with others.

The difficulty in transferring ownership to others.


1.Which of the following best describes the requirements of a partnership?

An association of persons, owning property, sharing gross receipts

An association of persons, owning a business in order to make a profit

An association of persons, owning property in order to make a profit

An association of persons


1. Which types of partners in a limited partnership should participate in management?

General partners only.

Limited partners only.

Both general and limited partners.

General partners only, unless there are no general partners, and in that case, limited partners participate in management.

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