Question
Albert and Anita are in the process of establishing a new business but they are unsure of the implications of the various business structures. Both
Albert and Anita are in the process of establishing a new business but they are unsure of the implications of the various business structures. Both Anita and Albert plan to be actively involved in the day-to-day business. From the following list, select the statements that will apply to Albert and Anita if they opt for a general partnership. 1. Anita and Albert will be the sole shareholders of their company. 2. Income that Anita and Albert draw from the business will be taxed in the year that they make the respective withdrawals. 3. Anita and Albert will have a fiduciary responsibility to each other. 4. Anita will have an unlimited personal liability for Albert's actions while he is acting on behalf of the partnership in the course of business. Question 1 options: 1 and 2 1 and 3 2 and 4 3 and 4
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