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Required information

Genna Raiter's passion has always been cars, cars, cars! As a teen, she would spend hours with her dad fixing the family $.$

car, and he taught her how to change the oil and make minor repairs. While still in high school, Genna got a job at a local

garage. After high school graduation, she completed the auto mechanics degree at a local community college and quickly

decided she wanted to be her own boss. She quit her job at her first garage, borrowed some money from her dad, and

created her own repair shop, the Car Keepers Garage. Genna's hard work gradually attracted a loyal clientele of satisfied

customers. Her success has her thinking about expanding and opening garages in two other locations, but she lacks the

financial resources needed for development. Furthermore, the success of her business is forcing Genna to spend more

time managing the business and less time doing the actual technical work she still enjoys. She wants to find business

partners who can help her with management and provide additional financial resources. She has approached a couple of

friends she met in high school: Al Ternator and Lou Banfilter, to see if they would like to join the business.

Although Lou Banfilter, now a young attorney, is impressed with Car Keepers and believes it could be a good investment, he told Genna that his professional position at a law firm prevents

him from taking an active role in the business. He is also concerned about accepting more risk since he and his wife are expecting a child. He mentioned a preference for limited liability. If

Lou joined Genna and Al$,$ the three might consider forming a

Multiple Choice

limited partnership.

general partnership.

sole proprietorship.

master limited partnership.