Contribute other than money as their capital contribution

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Reference no: EM132122810

Please answer the Sole Proprietorship/Partnership questions in bullet-style (not essay style). Please include the question you are answering and your answers must be in complete sentences. While there is no page length requirement, each question must be answered fully. Please double-space your answers.

That is the qustion, and I need answers. The subject is Business Law.

1. How do you raise capital for a sole proprietorship (more than 1 alternative is needed for this answer)?

2. In a general partnership what can partners contribute other than money as their capital contribution?

3. Do all partners in a general partnership have to work in the business to get a share of the profits and losses?

4. What happens in a sole proprietorship situation when the debts of the business cannot be paid from the assets of the business?

5. Who is responsible for paying the taxes for profits in a sole proprietorship? In a general partnership?

6. Do you need to have a written contractual agreement to have an enforceable general partnership situation?

7. What happens to a sole proprietorship if the owner dies?

8. What happens in a general partnership if one of the partners dies?

9. What happens if one of the partners wants to leave the business – can they, and do they need the permission/agreement of the remaining partners?

10. Are general partners automatically entitled to at least minimum wage or a salary of some kind because they work in the general partnership business?

Reference no: EM132122810

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