Question

online exam #2 (chapters 36,37,38, 49)
question 12 (2.5 points)
the right of an owner of property to use the property in the way she wants is called eminent domain.
true
false
question 13 (2.5 points)
in a general partnership, the senior partner always manages the partnership and is solely responsible for the liabilities of the comapny.
true
false
question 14 (2.5 points)
i n a limited partnership, every partner has full responsibility and unlimited liability for all of the partnerships debts
true
false
question 15 (2.5 points)
when an owners is deciding which form of business organization to chooses for a new enterprise, important factors include tax considerations, ease of formation, owners liability, transferability, continuity, control and need for capital.
true
false

Explanation:

• Question 12: Eminent domain is the power of the government to take private property for public use. The right of an owner to use property as they want is property rights, not eminent domain.
• Question 13: In a general partnership, all partners have equal management rights (unless specified otherwise in the partnership agreement) and all partners have unlimited liability for the company's debts. There is no "senior partner" with sole management and liability.
• Question 14: In a limited partnership, there are general partners (with full responsibility and unlimited liability) and limited partners (with liability limited to their investment). Not every partner has full responsibility and unlimited liability.
• Question 15: When choosing a business organization form, tax, formation ease, liability, transferability, continuity, control, and capital need are all key factors.

Answer:

• Question 12: B. False
• Question 13: B. False
• Question 14: B. False
• Question 15: A. True