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Question No 1

Fanny and John each own and manage their own companies. Fanny's business is manufacturing freight boxes of all types, and John's business is selling freight boxes to different industries. They decide to combine their expertise and knowledge to produce and sell freight boxes specifically designed for the new airline company that just formed in their city. Which of the following best describes the business formed by the parties?

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Question No 2

A sole proprietorship would be an ideal form of business to select if:

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The individual desired no liability beyond his capital investment.

The individual wanted to be able sell the business at will.

The individual wanted the business to be a separate entity from the sole proprietor.

The individual wanted the business to continue indefinitely.

Question No 3

Which of the following forms of business can be formed with only one individual owning the business?

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Question No 4

What term is used to describe a partnership without a specified duration?

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Question No 5

A general partnership must:

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