A Partnership Plans to Set Up a Retirement Plan to Benefit

question 66

Multiple Choice

A partnership plans to set up a retirement plan to benefit the partners and the employees.All of the following retirement plans are appropriate except

• A)an H.R.10 (Keogh)plan.
• B)a SEP IRA.
• C)a SIMPLE plan.
• D)a Solo 401(k).

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Definitions:

Liability For Negligence

A legal obligation that arises when an individual or entity fails to take reasonable care to avoid causing injury or loss to another person.

Monthly Bank Statements

Regular summaries provided by a bank detailing all transactions, fees, and changes in an account for each month.

Forged Signatures

Unauthorized signatures on a document, crafted to deceive or commit a fraud by impersonating another individual.

Uniform Commercial Code Article 3

A section of the Uniform Commercial Code that governs negotiable instruments, such as checks and promissory notes.