ADM 3360 Study Guide - Final Guide: Limited Liability Partnership, Honor Killing, Escalator
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18 Dec 2015
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Match Column A with Column B
1) Partnership | a) a business owned by one person who is personally liable for all losses |
2) Proprietorship | b) An artificial being created by a state |
3) Limited partnership | c) two or more persons combine their efforts for a single transaction |
4) Corporation | d) created when shareholders elect to be treates as partners for tax purposes |
5) legal capacity | e) created by an agreement between two or more persons who agree to share profits and losses |
6) buy-and-sell agreement | f) provides for compensation to a deceased or withdrawing owner of a business in return for that owners interest. |
7) Subchapter S corporation | g) the ability of an organization to sue or to own property |
8) joint venture | h) exists when some partners are treated like shareholders for liability purposes |
9) limited liability company | i) tax doctine that allows income to be taxed at the owner level, not the organization level |
10) "pass through" | j) owners recieve limited liability and tax treatment as if they were a partnership without filing as a corporation. |
Suppose Joe is a partner at adental firm. Joe engages in a business transaction and binds thepartnership to an agreement regarding purchasing X-ray equipment.However, Joe really didn't have authority to bind the partnershipto the agreement with the third party X-ray machine company. Thethird party, however, believes he does have the authority. In thiscase, who is liable? | |||||||||||||||||||||||
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