Jim Is One of Several General Partners Who Own Beef

question 48

Multiple Choice

Jim is one of several general partners who own Beef 'N Beer,a small chain of restaurants located in Missouri and Illinois.Jim is interested in converting the partnership into a master limited partnership.If he convinces other partners to go along with his idea,Beef 'N Beer will:

• A)Offer shares of ownership that are traded on a stock exchange much like a corporation.
• B)Pay its taxes like a corporation.
• C)Begin to operate much like a sole proprietorship.
• D)Have to change its name to include the term Ltd.in its title to indicate its owners have limited liability.

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Definitions:

Functional Group

A specific grouping of atoms within molecules that have characteristic chemical reactions regardless of the molecules they are part of.

Structurally Isomeric

Pertains to molecules that have the same molecular formula but feature different physical structures.

Amines

Organic compounds and functional groups containing a basic nitrogen atom with a lone pair, deriving from ammonia by replacing one or more hydrogen atoms with organic groups.

Soluble

Capable of being dissolved in a solvent, such as a liquid, especially water.