Choose the one most appropriate answer for each.
-organization of members or managers with little formal organization and limited liability
A)community property
B)concurrent ownership
C)estate in severalty
D)general partnership
E)illiquidity
F)inter vivos trust
G)joint tenancy
H)limited liability company
I)limited partnership
J)poor man's will
K)right of survivorship
L)S corporation
M)separate property
N)tenancy by the entirety
O)tenants in common
P)undivided interest
Q)unity of interest
R)unity of possession
S)unity of time
T)unity of title

Question

Quizplus · Accepted Answer

This describes a limited liability company which has little formal organization and limits the personal liability of its members or managers.

Answer: D
 This describes a general partnership where members or managers have unlimited personal liability and the organization has little formal structure.

Answer: I
 This describes a limited partnership where limited partners have limited liability and little formal organization while general partners have unlimited personal liability.

Answer: O
 This describes tenants in common, where multiple owners have individual undivided ownership interests in the property, with no right of survivorship.

Answer: J
 This describes a poor man's will, which is a non-formalized transfer of ownership without legal documents, often used in circumstances where a person cannot afford a will or trusts.

Answer: P
 This describes an undivided interest, which means multiple owners share an ownership interest in the property, usually in equal or proportional shares.

Choose the One Most Appropriate Answer for Each