Liability for the civil wrongs of the business

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Reference no: EM13789691

1. The business known as 1515 N. Wells was organized as a(n) __________.

2. This type of business organization is created by a(n) ____________ between parties to carry on a business for profit.

3. In order to create this type of business organization a(n) __________ must be filed with the state and a(n) _______ must then be issued by the state.
4. Taxes on this type of business organization are paid by the personal tax returns of the _________ in the business based on the profit each shares in the business.

5. The General Partner(s) for 1515 N. Wells were/was known as _________ and was organized as a(n) __________.

6. The General Partner(s) of 1515 N. Wells had the _____ duties for the business.

7. Under the business organization of 1515 N. Wells, the General Partner(s) had _____________ for civil wrongs occurring in the business operations.

8. The general partner(s) for 1515 N. Wells, under this type of liability (question #7 above) would be exposed to ___________ liability for any civil wrongs occurring in the business allowing for any and all _________ assets of the General Partner(s) to be used to pay for the liability. (same word both blanks.)

9. The organizers ( investors- shareholders ) of the General Partner for 1515 N. Wells was/were __________.

10. The organizers ( investors- shareholders ) of the General Partner for 1515 N. Wells had __________ as shareholders and could only lose the amount of their __________ in the business organization of the General Partner(s).

11. The limited partners of 1515 N. Wells were/was ____________ .

12. The limited partners of 1515 N. Wells had ________ for the civil wrongs occurring in operations of 1515 N. Wells and thus could only lose the amount of their ________.

13. The limited partners of 1515 N. Wells could not have any _________ duties in the operation of the business known as 1515 N. Wells.

14. One limited partner of the business known as 1515 N. Wells, Mr. Thomas Bracken, created a business known as 1513 N. Wells organized as a(n) ________.

15. This type of business organization is created by a(n) ____________ between parties to carry on a business for profit.

16. In order to create this type of business structure __________ of organization must be filed with the state and a(n)_______ be issued by the state.

17. This type of business organization has owners known as ________ who invest in and own the business.

18. The owners of this type of business organization have __________ liability for the civil wrongs of the business and are not _________ liable for those wrongdoings.

19. The investors/owners of this type of business organization can share in all _________ duties of the organization.

20. Taxes on this type of business organization can "pass through" the business and are paid by the personal tax returns of the _________ in the business based on the profit each shares in the business.

Reference no: EM13789691

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