Question

Jackson Wong and Neel Patel have been practicing attorneys for 10 years. Feeling that they have...

Jackson Wong and Neel Patel have been practicing attorneys for 10 years. Feeling that they have a solid amount of experience, they have decided to start a law firm together. Both of them have unlimited liability for the debts of the business, and the management of the firm is equally shared between them. This law firm is an example of

Multiple Choice

  • a general partnership.

  • a limited partnership.

  • a C corporation.

  • an S corporation.

  • a sole proprietorship.

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer is a general partnership (Option A).

A general partnership is an arrangement in which two or more individuals agree to share all assets, profits, financial and legal liabilities of the business. Partners will have unlimited liabilities for all the business obligations of the firm. They have operational control of the firm which means the management of the firm is equally shared between them.

Remaining options are wrong, as limited partership means having limited liabilities upto their investment only and not taking part in the active management of the firm. C and S corporations deals with how their incomes are taxed and sole proprietorship means a single person managing the firm.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. An IOU ("I owe you") from your brother-in-law is a financial asset. True    False 2. The...
1. An IOU ("I owe you") from your brother-in-law is a financial asset. True    False 2. The separation of ownership and management is one distinctive feature of both corporations and sole proprietors. True    False 3. Shareholders welcome higher short-term profits even when they damage long-term profits. True    False 4. A well-designed compensation package can help a firm achieve its goal of maximizing market value. True    False 5. While control of large public companies in the United States is exercised through the board of directors...
This is just a discussion post from my classmate. I just need to respond. Based off...
This is just a discussion post from my classmate. I just need to respond. Based off of what is written, please answer with a simple analysis of what's written. (example: Interesting post, I see that...) 1. Discuss each of the following business entity types including ownership, financial and legal and tax issues related to each type. Sole Proprietorship A sole proprietorship is owned by only one person and the firm and the owner are considered one and the same from...
Question 8 1 pts Which of the following statements regarding the business judgment rule is/are TRUE?...
Question 8 1 pts Which of the following statements regarding the business judgment rule is/are TRUE? Group of answer choices A shareholder may choose whether to file a derivative lawsuit or alternatively demand that the board of directors take action. The party in interest of a derivative lawsuit is the shareholder who files the lawsuit. A court will not second-guess directors who vote to block a corporate merger, as long as they view the merger as a hostile takeover. The...
Samantha's Dilemma Samantha graduated from college and needed to decide where she wanted to work. She...
Samantha's Dilemma Samantha graduated from college and needed to decide where she wanted to work. She had several options. Her aunt Julie owned and operated a small business that she started about twenty years ago. Julie, an individual owner of her business, informed Samantha that she could work for her. On one hand, Samantha thought it would be a great opportunity to be able to work for her aunt, learn the business, and then run the business when her aunt...
QUESTION 1 The most common type of business organisation is a. non-for-profit organisation b. partnership c....
QUESTION 1 The most common type of business organisation is a. non-for-profit organisation b. partnership c. company/corporation d. sole proprietorship 1 points    QUESTION 2 A business financial statement is meant to convey information about the business to _________________ users in order to help them make decisions about the business. a. internal and external b. internal only c. external only d. none of the above 1 points    QUESTION 3 Which of the following is an advantage of being a...
1.Which of the following statements holds true for the term “multicultural respect ethical strategy”? Select one:...
1.Which of the following statements holds true for the term “multicultural respect ethical strategy”? Select one: a. It refers to the charge that people and organizations are forcing ethical codes and attitudes on people with different histories, habits, and customs. b. It refers to accepting that the customs and habits of those conforming to a society should provide guidance for all those entering the society within a culturalist ethics. c. It refers to an internalized inferiority complex which causes people...
Jack, a geologist, had been debating for years whether or not to venture out on his...
Jack, a geologist, had been debating for years whether or not to venture out on his own and operate his own business. He had developed a lot of solid relationships with clients and he believed that many of them would follow him if he were to leave his current employer. As part of a New Year’s resolution, Jack decided he would finally do it. Jack put his business plan together and, on January 1 of this year, Jack opened his...
What role could the governance of ethics have played if it had been in existence in...
What role could the governance of ethics have played if it had been in existence in the organization? Assess the leadership of Enron from an ethical perspective. THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies, collapsed in 2001 under a mountain of debt...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events...
Discuss how the respective organizations’ relations with stakeholders could have potentially been affected by the events that took place at Enron and how the situation could have been dealt with differently to prevent further damage? THE FALL OF ENRON: A STAKEHOLDER FAILURE Once upon a time, there was a gleaming headquarters office tower in Houston, with a giant tilted "£"' in front, slowly revolving in the Texas sun. The Enron Corporation, which once ranked among the top Fortune 500 companies,...
Please read the article and answear about questions. Determining the Value of the Business After you...
Please read the article and answear about questions. Determining the Value of the Business After you have completed a thorough and exacting investigation, you need to analyze all the infor- mation you have gathered. This is the time to consult with your business, financial, and legal advis- ers to arrive at an estimate of the value of the business. Outside advisers are impartial and are more likely to see the bad things about the business than are you. You should...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT