Nell Is Considering Forms of Business Organization for Optic Center

question 9

Multiple Choice

Nell is considering forms of business organization for Optic Center, a medical eye clinic. An advantage of a limited liability partnership is that, depending on the applicable state statute, partners can avoid personal liability for

• A)their own wrongful acts.
• B)any partnership obligation.
• C)their own and other partners' wrongful acts.
• D)none of the choices.

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Definitions:

Customer Sales

The revenue transactions that occur from selling goods or services to customers.

Invoices

Documents issued by a seller to a buyer that detail products or services sold, including quantities and agreed prices for products or services the seller has provided.

Inventory

The total amount of goods and materials held by a business for the purpose of resale or production.

Non-inventory

Refers to items or services sold by a business that are not kept in inventory, such as consulting services.