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Related Flashcards
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Cards In This Set
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Is a sole-priopriotership a true public entity?
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No it's not
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In what form do most small businesses operate?
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They operate as sole-propriotorship with 50% of them being home-based
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Briefly describe the funding for sole-propriotorships
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Loans
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Who is liable for any business loan?
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Sole-proprietor personally
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What can happen if there is a default on such loans?
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Their fully liable and their assets can be taken
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What is a positive side of sole-proprietorship in regard to taxes?
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Right to claim all tax losses associated with business
Sole-proprietor owes all taxes and gets all deductions |
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When can a sole-propriotorship be transferred?
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Can only be transferred if they allow it
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What is transferred with the sole-proprietor's business?
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Inventory and good-will of business
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What happens if the sole-proprietor dies?
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The heirs inherit it or devisees of the business
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What has been adopted by 49 states to govern partnerships?
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UPA: Uniform Partnership Act
RUPA: revised uniform partnership act |
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How does the RUPA define a partnership?
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Defines partnership as the association of two or more persons to carry on as co-owners of a business
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How is the word "persons" defined?
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Persons can include corporations as well as natural persons
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How are partnerships formed?
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Can be formed voluntarily by direct action of the parties
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Does simply owning property together necessarily result in a partnership?
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Simply owning property does NOT result in partnership
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Can a partnership exist even if persons involved in a business declare that they are not partners?
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Yes a partnership can exist even if persons involved declare that they are not partners
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