When a parent retires completely and turns the firm over to a son or daughter, the firm ceases to be a family business.Group of answer choicesTrueFalse

Which of the following actions is best for parents to decrease succession conflict among children active in the firm and those who are not?Group of answer choicesLet those not involved in the company have a larger portion of an inheritance outside of the company, and allow those involved in daily operations have more ownership of the business.Let the next generation reach a consensus about management of the company.Change the ownership of the company so common (voting) stock is only given to those active in the firm's management and others receive preferred (nonvoting) stock.Make decisions based on tax considerations, not what is best for the next generation or the business.

If a partner dies or retires, the partnership will:Group of answer choicesautomatically be wound up.automatically continue.be automatically dissolved.look for a replacement partner.

The partnership is terminated upon dissolution thereof.Group of answer choicesTrueFalse

A partnership may be dissolved at any time by any of the partners.Group of answer choicesTrueFalse

The life of a corporation ______.Multiple choice question.ends when all of the original shareholders are deceased.is limited to 65 yearsends when a founding shareholder wants to sell his sharesis unlimited