Question

Molly wants to start a new business in collaboration with her husband and sister-in-law. the features she is looking for in the business are as follows: least possible regulatory controls, faster decision making, and ease of organization. she also wants a business in which she will not be forced to pay off any business debts from her personal assets. which type of business ownership is best suited to her needs
a. s corporation
b. sole proprietorship
c. limited partnership
d. general partnership
e. c corporation

Answer 1

The type of business ownership is best suited to her needs limited partnership. Thus option (C) is correct.

What is Partnership Business?

A partnership business consists of two or more individuals who pool their resources to create a company and agree to split the risks, rewards, and losses.

Law firms, medical groups, real estate investment firms, and accountancy groups are examples of common partnership businesses.

According to the above, scenario, Molly with her husband and the sister-in- law as partners wanted to start a business. She wants faster decision making, least regulation and ease in doing business.

All the requirement of her matches with the limited partnership type of the business where the liability of all the partners are limited to their amount of investment.

Thus option (C) is correct.

Learn more about partnership here:

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