MN Bar Practice Questions - Minnesota Bar Examination Exam

Access More Questions

Three individuals carry on a business for profit as co-owners without filing any formation documents. A creditor seeks to hold each personally liable for a business debt. What is the most likely legal characterization of the entity?

A general partnership, in which partners are jointly and severally liable for partnership obligations A limited liability company shielding all members A corporation with limited shareholder liability A sole proprietorship

Correct Answer:

A general partnership, in which partners are jointly and severally liable for partnership obligations

Access more questions from this quiz

Continue to MN Bar Practice Questions - Minnesota Bar Examination Exam for more practice questions and the full quiz experience.

Access More Questions