One way to eliminate some of the risk of your partners making costlymistakes that could jeopardize your personal assets is to set up aMultiple Choicesole proprietorship.limited amount of time each can actively spend inthe business.master limited partnership.limited liability partnership.

For businesses, a partnership is a common way to be formed and operate. A partnership takes place…

Answered: One way to eliminate some of the risk…

Foundations of Business (MindTap Course List)

6th Edition

ISBN:9781337386920

Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor

Chapter15: Using Management And Accounting Information

Section15.5D: Liabilities And Owners’ Equity

Problem 3CC

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Similar questions

what forms of funding is needed to form a Limited partnership?
Brenden and carmen are considering forming a partnership. they need your help as to how income and lossee should be divided in their partnership.What factors should be considered in determining the division of net income or losses?
What are the main distinctions between an ordinary partnership and a private limited company?
Is this true about a partnership Deed? or is there something missing?
. Discuss the relative advantages and disadvantages of operating a business as a Limited Liability Partnership (LLP) as opposed to a General Partnership.
Suppose a partnership is set up and operated without a formal partnership agreement. What problems might arise? Explain
Discuss the key characteristics of a private limited company and a partnership.
1. Setting Up a Business Your friend, Olivia Graves, is going to start her own chocolate shop, called Chocolate-By-Design. Olivia is an expert candy maker and one of the city's top pastry chefs. Olivia has come to you for advice on what type of business Chocolate-By-Design should be-a sole proprietorship, partner- ship, or corporation. Create a report comparing the three different types of businesses, along with your recommendation for Chocolate-By-Design's business structure.
Discuss the characteristic of the following companies:1. Limited and unlimited companies2. Public and private companies3. Related companies
Articulate the advantages and disadvantages of partnerships, LPs, LLCs, and LLPs. Please be sure to include in your discussion the characteristics of each type of business entity and what makes them unique.
Why wouldnt you want to choose other business entity types besides LLC , Limited liability company?
(1) How many sole proprietors do you know? Do theyseem satisfied with the choice of working forthemselves? Why or why not? (2) Would you everconsider going into business as a sole proprietor?Why or why not?

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One way to eliminate some of the risk of your partners making costly mistakes that could jeopardize your personal assets is to set up a Multiple Choice sole proprietorship. limited amount of time each can actively spend in the business. master limited partnership. limited liability partnership.