Jim Is One of Several General Partners Who Own Beef

question 48

Multiple Choice

Jim is one of several general partners who own Beef 'N Beer,a small chain of restaurants located in Missouri and Illinois.Jim is interested in converting the partnership into a master limited partnership.If he convinces other partners to go along with his idea,Beef 'N Beer will:

• A)Offer shares of ownership that are traded on a stock exchange much like a corporation.
• B)Pay its taxes like a corporation.
• C)Begin to operate much like a sole proprietorship.
• D)Have to change its name to include the term Ltd.in its title to indicate its owners have limited liability.

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Definitions:

Back and Forth

A repeated movement or discussion going in one direction and then in the opposite direction.

Points

Main ideas, arguments, or pieces of information presented or considered in a discussion or analysis.

Subordinated

The act of placing someone or something in a lower rank or position, or making them of less importance or priority.

Wedding Ring

A ring symbolizing marriage, traditionally worn on the base of the left ring finger to signify marital commitment and love.