4. Which is not a key feature of a traditional partnership

a.sharing of profits and losses.

b.joint ownership of the business.

c.equal right to be involved in the business.

d.Buy-sell entitlements.

5. Dang N. and her brother, Hung, decide to set up a business together.They do some research and engage an accountant with instructions to form an entity that will both shelter their personal assets from claims arising out of the operation of the business, and provide for 'pass-through' tax treatment of entity profits and losses that can be reported on their personal tax returns.What entities would the accountant consider?

a."C" corp.

b.Subchapter "S" corp.

c.Limited Liability Company ("LLC")

d.Both b. and c.

6.What might be considered a disadvantage in selecting an LLC entity

a.Tax treatment flexibility.

b.Limited liability protection.

c.Member investors may be foreign nationals.

d.None of the above.