Dan, Fran, and Stan want to establish and operate a mountain bike sales and rental shop. Dan

and Fran will be actively involved in the management of the business, but Stan is investing most
of the money.

The three of them do not want to form a corporation, but want to use a form of
business, if possible, that will give limited liability to each of them. Which of the following is
true?
A) They could form either a limited liability company or possibly a limited liability
partnership, and either of these would give limited liability to each of the three owners.
B) They could form a limited liability company and each have limited liability, but if they
formed either a limited partnership or limited liability partnership there would be at least
one partner with unlimited liability.
C) Because Dan and Fran will be actively managing the business, there is no form of business
other than a corporation that will give them limited liability.
D) They could each have limited liability in a properly formed limited partnership, limited
liability partnership, or limited liability company.

A

Business

You might also like to view...

A market survey by LG revealed that Indians preferred not to mix vegetarian and non-vegetarian food items

Hence, LG refrigerators in India include a special convertible box with separate compartments to store and control the temperature of vegetarian and non-vegetarian food. This is an example of customizing ________ to local needs. A) advertising media B) product features C) packaging D) brand name E) labeling

Business

Which of the following is an example of an analytical report?

A) Reports to assess opportunities B) Reports to monitor and control operations C) Reports to implement policies and procedures D) Reports to demonstrate compliance E) Reports to document progress

Business