Assignment:
Question 1. Identify an accurate statement about a sole proprietorship.
Question 2. Sara and Cilia run a café together. They share ownership of and liability for the café and have come to an agreement about how the profits from the cafe should be divided between them. If the cafe runs into debt, both Sara and Celia are responsible for the debt.
Question 3. What form of business is best demonstrated in this scenario?
Question 4. What criterion under the Uniform Partnership Act (UPA) must be met by a business, for it to qualify as a general partnership?
Question 5. What is true about a limited partnership?
Question 6. Who among the following is most likely to be a limited partner in a limited partnership?
Question 7. Who has unlimited liability for the debts and obligations of limited partnerships?