As attorneys who share equal ownership, profits, and losses in their firm, Raymond James and Alexander Doss have opted for which legal form of business ownership
A) partnership
B) sole proprietorship
C) limited liability corporation
D) S corporation

Question

Quizplus · Accepted Answer

Raymond James and Alexander Doss share equal ownership, profits, and losses in their firm, which is the hallmark of a partnership. Additionally, partnerships offer flexibility in management and tax advantages. Limited Liability Corporations (C) and S Corporations (D) require specific legal structures and paperwork, and Sole Proprietorships (B) offer no liability protection for the owners. Therefore, A) Partnership is the best option for them.

As Attorneys Who Share Equal Ownership, Profits, and Losses in Their