Jim Smith and Bob Jones Recently Decided to Start Their

question 37

Multiple Choice

Jim Smith and Bob Jones recently decided to start their own car wash business.Jim's spouse and Bob's spouse both work for the same law firm each receives a salary exceeding $200,000 annually.Jim and Bob anticipate that the business will not be profitable for a few years but rather operate at a loss.Both Jim and Bob will both be working in the business.Based on these facts, the best form of business organization for the car wash would be:

• A)A limited liability company
• B)AC corporation
• C)A partnership
• D)A sole proprietorship

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Definitions:

Relearning

The process of learning material or skills previously studied then forgotten, often occurring more quickly than the initial learning.

Recall

The act of retrieving information or memories from one's past without specific cues, often tested as a measure of memory.

Recognition

The cognitive process of identifying and acknowledging the presence or existence of something previously seen, heard, or known.

Repetition

The act or process of doing something again, either once or multiple times, often used for emphasis or to reinforce an idea.