Multiple choice

1 An association of two or more persons to carry on as co-owners of a business for profit is known as a(n) ________.

2 Sam Muller and Geoffrey Robinson enter into a limited partnership in which Sam is the general partner and Geoffrey is the limited partner. They borrow $50,000 to start a business. Keeping all rules of naming their businesses in mind, they start a law firm named Robinson-Muller Legal Associates. Martin Humphrey joins them after eleven months as a general partner but does not include his surname in the name of the business. If the business fails, which of the following holds well?

3 A(n) ________ is the basic governing documents of a corporation which must be filed with the secretary of state of the state of incorporation.

4 Which of the following must necessarily be met for a corporation to elect as a statutory close corporation?