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.

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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.

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