1. A guaranteed payment is:
a. a payment mafe to a partner from the profits of the partnership
b. a loan payment from the partnership to pay back a loan from the partner
c. a loan payment from a partner to pay back a loan from the partnership
d. a payment made to a partner without regard to the income of the partnerships
2. Which of the following is the best example of a limited partnership?
a. joe and darryl operate a music studio and both perssonally liable for the debts of the business
b. ben and jerry operate an ice cream parlorand are both liable for the debts of the business. Susan works in the parlor serving ice cream and is not personally liable for the debts of the business
c. Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave Michael $50,000 to open the business and now shares in the profit with him. Keith will only be out his $50,000 if the business fails
d. John owns and operates a furniture store and personally liable for the debts of the business. Paul works in the store as a salesman and is not personally liable for the debts of the business.