Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
When all partners are general partners,the organization is considered to be a: A. General Partnership B. Limited Partnership C. Joint Venture D. Corporation |
A. General Partnership |
|
|
Which of the following is a feature of a corporation? A. Personal assets are protected from law suits brought against the corporation. B. All partners are limited partners. C. Each member has full liability. D. Each owner has full right to make binding decisions on the corporation. |
A. Personal assets are protected from law suits brought against the corporation. |
|
|
John and Lucy Mason own theirhome together. If one of them diesthe other will automatically own theproperty. Therefore they own theirproperty as: A. Tenants in Common B. Owners in Severalty C. Joint Tenants D. Tenants in Community Property |
C. Joint Tenants |
|
|
Kyle and Bob own property as jointtenants. Bob dies. Kyle has Bob’sname removed from the ownership.Kyle now: A. Owns the property as a tenant incommon with Bob’s heirs. B. Owns the property as a tenant inseveralty. C. Has no ownership since hisinterest was dependent on thelife of Bob. D. Bob’s interest in the propertywill be part of his estate andmust go through probate beforeanyone can own it. |
B. Owns the property as a tenant in severalty. |
|
|
A little known fact about jointtenancy is that: A. One joint tenant cannot sell hisinterest in the property withoutthe approval of the other jointtenants. B. Joint tenants cannot ownunequal shares of the property. C. Joint tenancy applies only tohusband and wife. D. Joint tenancy avoids probateonly if the deceased has no will. |
B. Joint tenants cannot own unequal shares of the property. |
