Mike Nettles Approached Nathan Lang About Becoming a Partner in a Firm

question 185

Multiple Choice

Mike Nettles approached Nathan Lang about becoming a partner in a firm that destroys environmental waste. While Mike would like to become a partner in the firm, he is concerned about his liability because he has recently inherited a lot of money. In this situation, Mike should become a

• A) general partner with a majority ownership interest in the business.
• B) general partner with a minority ownership interest in the business.
• C) limited partner.
• D) joint venturist.
• E) sole proprietor.

---

Definitions:

Workers Demanded

Refers to the number of workers that employers are seeking to hire at a given wage and time.

Migration

The movement of people from one place to another for the purpose of settling temporarily or permanently in the new location.

Wage Rate

The amount of compensation a worker receives per unit of time (hourly, weekly, etc.) or per unit of output.