Maya Plans to Open a Shop Specializing in Foods and Cultural

question 138

Multiple Choice

Maya plans to open a shop specializing in foods and cultural items from the Middle East. She wants to be the firm's only general partner, but she is trying to get several friends to participate as limited partners. Apparently Maya wants to:

• A) limit her personal liability to the amount she personally invests in the company.
• B) keep all of the firm's profits.
• C) obtain a strong financial base for the firm while maintaining personal control over the firm's management.
• D) meet the legal requirements of the Uniform Partnership Act.

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Definitions:

Prerequisite Development

The process of acquiring or developing necessary skills or conditions before proceeding to the next phase or level of a task or project.

Ethical Dilemma

A situation in which a person must choose between conflicting moral principles or values, making the right decision unclear.

Multiple Values

The existence or holding of varying values and beliefs by an individual or within a group.

Career Management

The ongoing process of setting personal career objectives, planning professional development, and managing one's career path.