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True or False Quiz
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1
Jack has created a sole proprietorship and may find it difficult to raise a lot of cash quickly for expansion purposes.
A)True
B)False
2
A partnership cannot be a partner in another partnership.
A)True
B)False
3
Tina and Martin buy an ice cream truck and split the profits. They have not created a partnership until they have a written agreement.
A)True
B)False
4
Anna, a partner, has died and her heirs receive payments from the partnership profits. There is no presumption of partnership.
A)True
B)False
5
John assigns his interest in a partnership to his creditors. The creditors are not entitled to take part in the management of the partnership.
A)True
B)False
6
Susan has contributed eighty percent of the partnership assets and therefore is by law entitled to majority control of the partnership.
A)True
B)False
7
John is a member of a term partnership and will be liable in damages if he leaves the partnership without cause before the end of the term.
A)True
B)False
8
If the Alpha partnership exports grain and the export of grain becomes illegal, then the Alpha partnership continues to engage in other business.
A)True
B)False
9
Under tax law an LLP is considered to be a general partnership.
A)True
B)False
10
Jan wants a list of activities that she may engage in and be a limited partner. She needs to consult federal legislation governing limited partnerships.
A)True
B)False





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