In Choosing the Form in Which to Conduct Business, If

question 22

Multiple Choice

In choosing the form in which to conduct business, if ease of formation is the primary concern, the owners would choose a:

• A) corporation.
• B) limited liability partnership.
• C) limited partnership.
• D) general partnership.

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Definitions:

Negotiable Instruments

Negotiable Instruments are written documents guaranteeing the payment of a specific amount of money to the bearer or named party, such as checks, promissory notes, and drafts.

Unconditional Promise

A pledge or assurance given without any prerequisites or contingencies.

Specific Sum

A fixed amount of money that is defined and stipulated within a contract or legal document.

Unenforceable

A term describing a contract or clause that cannot be legally enforced or compelled by court.