Asked by Mubashier Hoosain on Jul 06, 2024
Verified
A law firm may take which of the following business organizational forms?
A) Sole proprietorship
B) Partnership
C) Limited liability partnership
D) All of these choices are correct.
Sole Proprietorship
A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.
Partnership
A lawful business structure that involves two or more people co-managing and sharing the earnings.
- Differentiate among the different organizational structures of law firms, including sole proprietorships, partnerships, and professional corporations.
Verified Answer
CL
Christina LoukopoulosJul 08, 2024
Final Answer :
D
Explanation :
Law firms can operate as sole proprietorships, partnerships, or limited liability partnerships, depending on the laws of the jurisdiction in which they are established. Each of these organizational forms has its own legal and tax implications.
Learning Objectives
- Differentiate among the different organizational structures of law firms, including sole proprietorships, partnerships, and professional corporations.