Jim is one of several general partners who own Beef 'N Beer,a small chain of restaurants located in Missouri and Illinois.Jim is interested in converting the partnership into a master limited partnership.If he convinces other partners to go along with his idea,Beef 'N Beer will:
A) Offer shares of ownership that are traded on a stock exchange much like a corporation.
B) Pay its taxes like a corporation.
C) Begin to operate much like a sole proprietorship.
D) Have to change its name to include the term LtD.
In its title to indicate its owners have limited liability.

Question

Quizplus · Accepted Answer

By converting the partnership into a master limited partnership, Beef 'N Beer will be able to offer shares of ownership that are traded on a stock exchange, similar to a corporation. This will allow the business to raise capital from a larger pool of investors and potentially expand its operations.

Jim Is One of Several General Partners Who Own Beef