Sole Proprietorships and Partnerships

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9 Terms

1
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In unlimited liability

assets are at risk

2
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T or F: LLPs have no Mutual Agency

True

3
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What type of business structure has to report financial statements?

  • Sole Proprietorship

  • LLC

  • LLP

LLP

4
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A partnership agreement can also be called…

operating agreement

5
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Sole Proprietorships can take advantage of what tax breaks?

business write-offs

6
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Pass-through taxation

Pass-through taxation refers to businesses that do not pay taxes on the entity level. Instead, the income passes to the owners of the business who pays personal income taxes for their share of the business.

7
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Each partner is obligated to the debts and contracts created by one another. What is the term for this?

Mutual agency

8
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T of F: In an LLP, all partners have limited liability

True

9
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