Which of the following apply to a partnership that consists solely of general partners?

Which of the following apply to a partnership that consists solely of general partners? I. double taxation of partnership profits II. limited partnership life III. active involvement in the firm by all the partners IV. unlimited personal liability for all partnership debts    A.  II only B.  I and II only C.  II and III only D.  I, II, and IV only E.  II, III, and IV only Refer to section 1.2

27.

Which of the following are advantages of the corporate form of business ownership? I. limited liability for firm debt II. double taxation III. ability to raise capital IV. unlimited firm life    A.  I and II only B.  III and IV only C.  I, III, and IV only D.  II, III, and IV only E.  I, II, III, and IV Refer to section 1.2

28.

Which one of the following statements is correct?    A.  The majority of firms in the U.S. are structured as corporations. B.  Corporate profits are taxable income to the shareholders when earned. C.  Corporations can raise large amounts of capital generally easier than partnerships can. D.  Stockholders face no potential losses related to their corporate investment. E.  Corporate shareholders elect the corporate president. Refer to section 1.2

29.

Which one of the following statements is correct?    A.  A general partnership is legally the same as a corporation. B.  Both sole proprietorship and partnership income is taxed as individual income. C.  Partnerships are the most complicated type of business to form. D.  All business organizations have bylaws. E.  Only firms organized as sole proprietorships have limited lives. Refer to section 1.2

30.

The articles of incorporation: I. describe the purpose of the firm. II. are amended periodically. III. set forth the number of shares of stock that can be issued. IV. detail the method that will be used to elect corporate directors.    A.  I and III only B.  I and IV only C.  II and III only D.  II and IV only E.  I, III, and IV only Refer to section 1.2