Question

In: Economics

13. Which of the following is not an advantage of partnership? a. Ability to pool financial...

13. Which of the following is not an advantage of partnership?

a. Ability to pool financial resources

b. Ability to share responsibilities and capitalize on complementary skills

c. Potential for disagreement

d. Ease of formation

e. Possible tax advantages

14. Which one is a disadvantage of partnership?

a. Unlimited liability

b. Potential for disagreement

c. Lack of continuity

d. Difficulty in withdrawing from a partnership

23. Which of the following is not a correct statement about LLC?

a. LLCs are created by filing a certificate/ articles of organization and paying filing fees.

b. LLCs also draft an operating agreement similar to bylaws of a corporation.

c. Owners are called members, who often manage their own company under an arrangement similar to the relationships among stockholders.

d. Some LLCs hire professional managers whose responsibilities are much like those of the top management of corporations.

e. Wyoming’s 1977 LLC law was based on a German model of GmbH.

24. Which of the following is not an advantage of LLCs?

a. Limited liability

b. May elect to have LLC treated as either a corporation or a partnership

c. Simplicity and rigidity in management and operation

d. Flexible ownership

e. Partnership as default tax classification for LLCs with more than one owner

29. A market segment based on family lifecycle concept is

a. The high-income segment.

b. People who buy new automobiles frequently.

c. Married couples without children.

d. Residents of large eastern metropolitan areas.

e. None of the above

Solutions

Expert Solution

13. Which of the following is not an advantage of partnership? c. Potential for disagreement

There can be disagrreemnet between 2 partners which can act as a disadvantage for a partnership, rest all options are advantages.

14. Which one is a disadvantage of partnership? a. Unlimited liability

All of the partners in a general partnership have unlimited liability, which means that the partners are equally responsible for the entire debts of the business.

23. Which of the following is not a correct statement about LLC?a. LLCs are created by filing a certificate/ articles of organization and paying filing fees.

Apart from article of association and fees, LLC members should enter into an operating agreement, which sets forth the rights of the members and the rules for running the company.

24. Which of the following is not an advantage of LLCs? e. Partnership as default tax classification for LLCs with more than one owner

LLC owners can elect to have their business taxed either as a corporation or a partnership.

29. A market segment based on family lifecycle concept is : c. Married couples without children.

Market Segments based on family lifecycle concept are:

Independence.
Coupling or marriage.
Parenting: babies through adolescents.
Launching adult children.
Retirement or senior years.

Rahul Sunny answered 1 year ago

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