Kiersten and Her Four Siblings Are Starting Their Own Home

question 326

Multiple Choice

Kiersten and her four siblings are starting their own home design business. One of their primary goals is keeping the loving relationship they currently enjoy, so they are following the Model Business Corporation Act recommendations as they write their partnership agreement. Which of the following is an accurate recommendation of the Act?

• A) The business should be actively operating for an extended period before the partners decide who is responsible for what business functions.
• B) Family businesses never take on outside partners, so no discussion of this need take place.
• C) There should be discussion and well-understood ways that the partners will handle disagreements.
• D) Due to the fact that they are all under 40 years old and expect to work until they are 65, there is no need to decide what will happen to the partnership if one decides to leave the business or retire, or dies.

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Definitions:

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