Ronald, Jamie, Ben, and Joseph Are Colleagues Who Want to Start

question 38

Multiple Choice

Ronald, Jamie, Ben, and Joseph are colleagues who want to start a company of their own. All of them want to be actively involved in managing the business. However, they do not want any personal liability for any debts incurred by the company. In this scenario, they should most likely get involved in a _____.

• A) general partnership
• B) joint liability partnership
• C) limited liability partnership
• D) limited partnership

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Definitions:

Total Cost

The complete cost of production that includes both fixed and variable costs.

Producing

The process of creating goods or services by combining various elements or resources.

Boots

Footwear that covers not only the feet but also the ankles and sometimes extends up to the knees or higher, designed for protection, style, or both.

Pairs

Pairs are sets of two items or entities considered together, often because they are related or function together.