Mel,Tim,and Bill agreed to partner in a small rehab business.Initially,they were enthusiastic contributors until their first project took more work than Mel initially estimated;Tim wanted morning meetings and long lunch hours;and,Bill decided to go on vacation even though the project was not complete and ready to sell.As the Spotlight on Small Business box,titled,"The Ties That Bind" indicates,
A) It's smart to begin the partnership with honest communication of what each partner expects to give and get from the partnership.
B) Organize the business as a limited liability company to reduce the financial risks that put pressure on members of the partnership.
C) Designate one of the partners as the primary partner with final authority to call all the shots.
D) Enter into partnerships with people who have similar educational and cultural backgrounds and similar personalities.
Correct Answer:
Verified
Q217: Unlimited liability means:
A)When you own your own
Q218: Although sole proprietors do not pay any
Q219: Being your own boss means:
A)Reducing your working
Q220: The limited liability provided to limited partners
Q221: Finley is a limited partner in Gettout
Q223: An owner of a corporation is known
Q224: A master limited partnership MLP)is:
A)Not traded on
Q225: Maya plans to open a shop specializing
Q226: Jim is one of several general partners
Q227: Travis has agreed to invest $16,000 in
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