People of State of California

Jun 22nd, 2015
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University of Minnesota - Twin Cities
Course: general
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The constitution of the state of California adopted in 1879, in article 1, 8, provides as follows: "Offenses heretofore required to be prosecuted by indictment, shall be prosecuted by information, after examination.

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Showing Page: 1/34
Chapter 55-1.The corporation is the most common form of business ownership. Answer: False LG: 1/LL: 1 Page: 142 5-2.The three major forms of business ownership in the U.S. are sole proprietorships, partnerships, and corporations. Answer: True LG: 1/LL: 1 Page: 142 5-4.Once a business is established, it's almost impossible to change from one form of business ownership to another. Answer: False LG: 1/LL: 1 Page: 142 5-5.A comparison of the three major forms of business ownership shows that sole proprietorships are usually the most difficult type of business to establish.Answer: False LG: 1/LL: 1 Page: 143 5-6.The first step in starting a sole proprietorship is to fill out a proprietorship charter application form and file it with the state government. Answer: False LG: 1/LL: 1 Page: 143 5-8.The profits of a sole proprietorship are taxed as the personal income of the owner. Answer: True LG: 1/LL: 1 Page: 143 5-10.A major advantage of sole proprietorships is that an owner has limited liability for the debts of his or her business. Answer: False LG: 1/LL: 1 Page: 143 5-12.The debts of a business operated as a sole proprietorship are considered to be the personal debts of the owner of the business. Answer: True LG: 1/LL: 1 Page: 143-144 5-13.A drawback of sole proprietorships is that they usually have limited access to additional financial resources. Answer: T

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