Three brothers of a family own a furniture showroom. Each of them is actively involved in handling the day-to-day business activities. However, when the business suffered huge losses at the end of the last fiscal year, the personal wealth and assets of the brothers did not get affected. This is most likely because the brothers have a:
A. general partnership.
B. several liability partnership.
C. limited liability partnership.
D. limited partnership.
Answer: C
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Dick's Sporting Goods carries baseballs all year around. The same is true for footballs and tennis equipment. With this all-year-around strategy, Dick's Sporting Goods offers ________ utility for these products.
A. market B. time C. possession D. place E. form
Period cost and product cost are synonymous terms
Indicate whether the statement is true or false
Which of the following statements is correct regarding direct and indirect costs?
A. Direct costs cannot easily be traced to a cost object, whereas indirect costs can be easily traced to a cost object. B. Direct costs are always relevant to a particular cost decision, whereas indirect costs are never relevant to a cost decision. C. Direct costs can be easily traced to a cost object, whereas indirect costs cannot be easily traced to a cost object. D. Direct costs are never relevant to a particular cost decision, whereas indirect costs are always relevant to a cost decision.
Which of the following is true of a union shop agreement while hiring an employee?
A) The employee must join the union within a certain time after employment. B) The employee does not join the union but pays an agency fee. C) The employee must be a skilled worker represented by more than one union. D) The employee must be represented by more than one union.