BUSA 364 TEST 1 QUESTIONS AND
CORRECT ANSWERS (VERIFIED
ANSWERS) 2024-2025 LATEST UPDATE
Where can you find info about registering business in QC? - Answer- ALPE
Where can you find the requirements for the selection of a business name? - Answer-
ALPE
Sole proprietorship start up - when must the declaration of registration be submitted? -
Answer- -filed no more than 60 days after the date on which registration becomes
compulsory
-no more than 30 days after the date on which registration becomes compulsory for
tobacco and artificial tanning salons
-ALPE
Sole proprietorship start up - how much does registration cost? - Answer- $38 regular,
$57 priority
Sole proprietorship start up - how much is annual registration fee? - Answer- $38
Sole proprietorship start up - what's the fee to update the annual declaration? - Answer-
no cost or $19 (priority)
Sole proprietorship liability - Answer- -no distinction b/w the sole proprietor and their
business
-unlimited personal liability for all debts
Sole proprietorship ownership - Answer- sole proprietor owns 100%
sole proprietorship profit - Answer- -sole proprietor entitled to all profits
-profits are considered personal income and are taxed as such
sole proprietorship management - Answer- sole proprietor has complete managerial
control over their business
sole proprietorship transfer - Answer- ownership cannot be transferred, but the assets
can be sold
, sole proprietorship termination - Answer- -terminates when owner dies
-terminates when owner stops doing business
-file declaration of cancellation (no cost, $18.5 priority)
sole proprietorship advantages (4) - Answer- 1. simple start up
2. low start up costs
3. easy to dissolve
4. complete control
sole proprietorship disadvantages - Answer- 1. unlimited liability
2. lack of continuity
3. financing difficulties
4. good will difficulties
partnership - Answer- enterprise or business venture by 2+ individuals
characteristics of the partnership (7) - Answer- 1. start up
2. liability
3. ownership
4. profit
5. management
6. ownership transfer
7. termination
the partnership start up - who must register? - Answer- partnerships must file a
declaration of registration (ALPE)
the partnership start up - what info must be stated in the registration declaration? -
Answer- found in ALPE
the partnership start up - when must the declaration of registration be submitted? -
Answer- same timeframe as discussed for the sole proprietorship
the partnership start up - how much does registration cost? - Answer- $58 regular, $87
priority
the partnership start up - what is the annual registration fee? - Answer- $58
the partnership start up - what is the fee to update the annual declaration? - Answer- no
cost or $29 priority
the partnership - liability - Answer- -no distinction in law b/w the partners and the
business
-the partners have unlimited liability for the debts of the partnership
-the partners are solidarily liable for the debts of the partnership
-CCQ
CORRECT ANSWERS (VERIFIED
ANSWERS) 2024-2025 LATEST UPDATE
Where can you find info about registering business in QC? - Answer- ALPE
Where can you find the requirements for the selection of a business name? - Answer-
ALPE
Sole proprietorship start up - when must the declaration of registration be submitted? -
Answer- -filed no more than 60 days after the date on which registration becomes
compulsory
-no more than 30 days after the date on which registration becomes compulsory for
tobacco and artificial tanning salons
-ALPE
Sole proprietorship start up - how much does registration cost? - Answer- $38 regular,
$57 priority
Sole proprietorship start up - how much is annual registration fee? - Answer- $38
Sole proprietorship start up - what's the fee to update the annual declaration? - Answer-
no cost or $19 (priority)
Sole proprietorship liability - Answer- -no distinction b/w the sole proprietor and their
business
-unlimited personal liability for all debts
Sole proprietorship ownership - Answer- sole proprietor owns 100%
sole proprietorship profit - Answer- -sole proprietor entitled to all profits
-profits are considered personal income and are taxed as such
sole proprietorship management - Answer- sole proprietor has complete managerial
control over their business
sole proprietorship transfer - Answer- ownership cannot be transferred, but the assets
can be sold
, sole proprietorship termination - Answer- -terminates when owner dies
-terminates when owner stops doing business
-file declaration of cancellation (no cost, $18.5 priority)
sole proprietorship advantages (4) - Answer- 1. simple start up
2. low start up costs
3. easy to dissolve
4. complete control
sole proprietorship disadvantages - Answer- 1. unlimited liability
2. lack of continuity
3. financing difficulties
4. good will difficulties
partnership - Answer- enterprise or business venture by 2+ individuals
characteristics of the partnership (7) - Answer- 1. start up
2. liability
3. ownership
4. profit
5. management
6. ownership transfer
7. termination
the partnership start up - who must register? - Answer- partnerships must file a
declaration of registration (ALPE)
the partnership start up - what info must be stated in the registration declaration? -
Answer- found in ALPE
the partnership start up - when must the declaration of registration be submitted? -
Answer- same timeframe as discussed for the sole proprietorship
the partnership start up - how much does registration cost? - Answer- $58 regular, $87
priority
the partnership start up - what is the annual registration fee? - Answer- $58
the partnership start up - what is the fee to update the annual declaration? - Answer- no
cost or $29 priority
the partnership - liability - Answer- -no distinction in law b/w the partners and the
business
-the partners have unlimited liability for the debts of the partnership
-the partners are solidarily liable for the debts of the partnership
-CCQ
