Carla and John Enter into a Partnership and Form a Business.Under

question 32

Multiple Choice

Carla and John enter into a partnership and form a business.Under the partnership agreement, Carla is directly responsible for the management of the firm and its liabilities.John has a minor financial stake in the firm and works there, but he is not held responsible for the taxes and debts owed by the firm.In the context of the legal forms of business, Carla and John have formed a ________,

• A)limited liability partnership
• B)sole proprietorship
• C)general partnership
• D)Subchapter C Corporation

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Definitions:

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Employment Manual

A handbook provided by an employer to its employees containing company policies, procedures, and guidelines.

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