Explore BrainMass
Share

Explore BrainMass

    Proprietorships - Business Law

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I am studying for an upcoming exam and need help with the following true or false questions. Beside each of the statements below circle the letter "T" if the statement is true, or, circle the letter "F" if the statement is false.

    (1) Sole proprietorships are typically financed through trade credit, a bank loan, accounts receivable and owner's equity. "T" or "F"

    (2) The owner of a sole proprietorship business is the only person who has control over how the business of the sole proprietorship is run. "T" or "F"

    (3) The actual authority of an agent can be expressed in writing or orally, it
    can be inferred from written or oral words or can be implied from a representation made by a person ("X") to another person ("Y") to the effect that a third person ("Z") has authority to act on behalf of X. "T" or "F"

    (4) The mutual rights and duties of partners, whether ascertained by agreement or defined by the Partnership Act, R.S.B.C. 1996, c. 348, can not be varied by the partners. "T" or "F"

    (5) The right of a person to a share of the profits of a business that is directed
    to the payment of a prior debt and is to continue until the debt is paid
    off is proof, in the absence of evidence to the contrary, that the person is a partner in the business. "T" "F"

    (6) A corporation can be a partnership but not a partner. "T" "F"

    Thanks.

    © BrainMass Inc. brainmass.com October 9, 2019, 3:59 pm ad1c9bdddf
    https://brainmass.com/business/business-law/proprietorships-business-law-19184

    Solution Preview

    I will answer your questions in the order that they were presented:

    1. Sole proprietorships are typically financed through trade credit, a bank loan, accounts receivable and owner's equity. F

    2. The owner of a sole proprietorship business is the only person who has control over how the business ...

    Solution Summary

    Concerning business law and proprietorships, this soltuion provides the best answer and explanation for true and false review questions.

    $2.19