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Refer to the Scenario Below to Answer the Following Questions

question 117

Multiple Choice

Refer to the scenario below to answer the following questions.
Growing a Web-Development Company (Scenario)
Vincent and Alice are partners in a one-year-old web development business called Spy-der Web Execution. Vincent comes from a graphic design background and specializes in the look and feel of web projects. Alice comes from the computer gaming industry and is a highly experienced programmer and web developer-with a particular leaning toward Wordpress as a website backbone.
So far they have brought in less business than they had anticipated-about 25 percent less. As a result, they are operating at just a little below break even, and it is costing them about $500 a month to cover expenses (including rent on a small office space where they meet clients) . The situation is disappointing and was not anticipated by either Vincent or Alice.
As with many businesses like this that are easy to get into with little investment, they did not do a full feasibility study or business plan. They are unsure about how to divide up their responsibilities (who is responsible for what) , and therefore neither person is proactively going after new business, managing each project's budget, and determining even if they are making money on the work.
You are now in the role of advising the partners about a number of issues.
-You recommend they redo their feasibility study with some of the new information they have gathered in their first year of operations. Given the speed with which Vincent and Alice launched their business, it will likely provide additional details about_____________________.

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Definitions:

Limited Liability Company

A commercial entity setup that integrates the benefit of paying taxes only once, as seen in partnerships or sole proprietorships, with the advantage of limited personal risk akin to that in a corporation.

Noncorporate Business

An enterprise that operates for profit but is not legally incorporated; examples include sole proprietorships and partnerships.

Limited Partnership

A business organization with one or more general partners who manage the business and assume legal debts and obligations, and one or more limited partners who are liable only to the extent of their investments.

Dissolved

The process of legally terminating the existence of an entity, such as a corporation or partnership, according to the laws of the jurisdiction in which it is registered.