Sean Is One of Several General Partners Who Own Pints

question 251

Multiple Choice

Sean is one of several general partners who own Pints and Cans, a small chain of bar and grills located in Illinois and Indiana. Sean is interested in converting the partnership into a master limited partnership. If he convinces other partners to go along with his idea, Pints and Cans will

• A) offer shares of ownership that are traded on a stock exchange much like a corporation.
• B) pay its taxes like a corporation.
• C) begin to operate much like a sole proprietorship.
• D) have to change its name to include the term Ltd. in its title to indicate its owners have limited liability.

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Definitions:

Supplemental Retirement

Additional retirement savings and income plans beyond standard pension arrangements, often offered to employees as part of their benefits package.

Employment Disability

A condition or situation where an individual is unable to work due to injury or illness, potentially affecting their income.

Salaries And Wages Expense

The total amount spent by a business on employee salaries and wages before deductions during a given period.

Monthly Payroll

Monthly payroll refers to the total amount of wages or salaries paid by a business to its employees on a monthly basis, including deductions and taxes.