p 368 Which of the following would not generally be formed as an LLP A three

P 368 which of the following would not generally be

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64.(p. 368)Which of the following would not generally be formed as an LLP? A.three frat brothers opening a barB. two attorneys operating a law firmC. four licensed physical therapists running a clinicD. twenty CPAs running an accounting firmAll are professional service firms except bar owners.AACSB: Reflective ThinkingBloom's: UnderstandDifficulty: MediumLearning Objective: 14-03 Distinguish between the formation and management of an LLC and the formation and management of an LLP.Topic: Limited Liability Partnerships (LLPs)65.(p. 368)When an LLP is formed, who files the initial paperwork? A general partnership already formed may file for LLP status.AACSB: AnalyticBloom's: ApplyDifficulty: HardLearning Objective: 14-03 Distinguish between the formation and management of an LLC and the formation and management of an LLP.Topic: Formation66.(p. 371)Which of the following is not a true business entity? A franchise is a method of conducting business rather than a business entity.AACSB: AnalyticBloom's: UnderstandDifficulty: MediumLearning Objective: 14-08 Recognize the utility of other business arrangements including franchise relationships and business trusts.Topic: Franchises14-43
Chapter 14 - Limited Liability Partnerships, Limited Liability Companies, and Other Business Arrangements67.(p. 373)In Servro Industries, Inc. v. Pizzillo, Pizzillo was a franchisee who signed an agreement with the franchisor Servpro, not to work for a competing company within 25 miles of his territory for a period of two years after the franchise terminates. Within the two year period after the termination of the franchise Pizzillo's wife opened a similar company which Pizzillo started to work for. Servpro sued to stop him from competing and the court said: Fiduciary and contractual duties can survive termination and will be enforced by the courts if appropriate.AACSB: Reflective ThinkingBloom's: UnderstandDifficulty: MediumLearning Objective: 14-08 Recognize the utility of other business arrangements including franchise relationships and business trusts.

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