Jenny and Rose are hairstylists that have decided to open their own salon by starting a general partnership. The first step to ensuring a successful partnership would be to ________
A) guarantee that they each have 25 clients to bring into the partnership
B) submit the partnership formation fee to the state
C) draw up a partnership agreement
D) submit the limited liability forms before they see clients
E) arrange for the special tax filing considerations a partnership requires
C
Explanation: C) Although no formal documentation is required to create a partnership, it is good idea to draw up an agreement to help settle conflicts when they arise, which may discourage small misunderstandings from turning into major conflicts.
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Which of the following accounts is increased by a debit entry?
a. Common Stock (Capital Stock) b. Equipment c. Unearned Subscription Revenue d. Notes Payable
Chris is CEO of Higdon’s Bait and Tackle shop in New Roads, Louisiana. CB is the Vice President of Live Bait at Higdon’s Bait and Tackle. They are at odds over the best live bait to stock in the store. Chris is adamant that they should carry live worms. CB thinks live worms are outdated as fishing bait and he wants to carry live crickets. They have a meeting set one week from today to try to reach a compromise. Before this negotiation meeting, Chris feels they should both outline the goals and objectives they each would like to achieve. CB, on the other hand, feels this is a waste of time and wants them to both provide documented support for their respective positions. According to the Negotiation Process outlined in the textbook, whose actions best represent the first step in this
process? a. Chris b. CB c. Both Chris and John’s actions are the first step in the negotiation process d. Neither Chris nor John’s actions represent the first step in the negotiation process
Legally, all contracts are agreements, but not all agreements are contracts
Indicate whether the statement is true or false
What is the marketing term for a relatively small, well defined and very focused target market?
a. a customised market b. a targeted market c. a gap in the market d. a niche market e. a corner of the market