Multiple Choice
Clara and Sandra collaborate to open a cafe. They come to an arrangement wherein Sandra manages the cafe from Monday to Wednesday, Clara manages it from Thursday to Saturday, and both jointly manage it on Sunday. Both Clara and Sandra share the profits of the business equally while facing a personal liability for any debts or losses that the cafe may incur. In this scenario, Clara and Sandra most likely _____.
A) own a corporation
B) have a general partnership
C) have a limited partnership
D) own a limited liability company
Correct Answer:
Verified
Correct Answer:
Verified
Q122: A corporation can be a partner in
Q123: The earnings of not-for-profit corporations are exempt
Q124: In a sole proprietorship, any debts the
Q125: List and describe any two forms of
Q126: Which of the following is a similarity
Q128: Michael owns 100 shares of stock in
Q129: A(n) _ cannot contribute funds to a
Q130: A _ refers to a partnership in
Q131: The shareholders of a C corporation fill
Q132: The basic rules governing how a corporation