Asked by Ashley Bull Calf on Jun 08, 2024
Verified
John Smith, Mary Barney, and Tom Reed work for a law firm called Smith, Barney, and Reed, P.C. Which of the following business entities have they formed?
A) A partnership
B) A limited liability company
C) A limited liability partnership
D) A professional corporation
Professional Corporation
A type of corporate entity for which many states offer incorporation options, designed for professions where the practitioners require a license, like doctors or lawyers.
Law Firm
A business entity formed by one or more lawyers to engage in the practice of law, providing legal services to clients.
- Absorbing the principles behind the establishment of professional corporations by qualified professionals and distinguishing these from alternate business organizations.
Verified Answer
BJ
Bernadine JeffreyJun 12, 2024
Final Answer :
D
Explanation :
The name "Smith, Barney, and Reed, P.C." indicates that they have formed a professional corporation, as "P.C." stands for "professional corporation."
Learning Objectives
- Absorbing the principles behind the establishment of professional corporations by qualified professionals and distinguishing these from alternate business organizations.
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