A,B,and C Are Three Lawyers Who Want to Start a Construction

question 5

Multiple Choice

A,B,and C are three lawyers who want to start a construction business.Each has enough capital to invest in the business to avoid borrowing money from the bank,and all of them want to limit their liability as much as possible while having a role in the management and operation of the business.In this case,they can protect themselves by

• A)setting up a limited partnership.
• B)setting up a joint venture.
• C)setting up a partnership.
• D)setting up a limited liability partnership.
• E)incorporating a company.

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Definitions:

Imports

Goods or services brought into a country from abroad for sale.

European Union (EU)

A political and economic union of 27 member states that are located primarily in Europe, which operates through a system of supranational institutions and intergovernmental negotiated decisions by the member states.

Mandatory Vacation Time

A period designated by employers or regulatory bodies during which employees are required to take time off from work.

International Trade Deficit

A situation that occurs when a country imports more goods and services than it exports, leading to a negative balance of trade.