Kristen and her brothers and sisters decided to form a partnership that specializes in home design of all types. one of their goals is to maintain the loving relationship they currently enjoy, so they are following the model business corporation act recommendations as they write the partnership agreement. which of the following is an accurate recommendation of the act? a. the business should be actively operating for an extended period before the partners decide who is responsible for what business functions. b. family businesses never take on outside partners, so no discussion of this need should take place. c. there should be discussion and well understood ways that the partners will handle disagreements and have a written exit strategy.

The correct answer is letter "C": There should be discussion and well understood ways that the partners will handle disagreements and have a written exit strategy.

Explanation:

The Model Business Corporation Act (MBCA) is a set of laws meant to regulate business practices. The Act or at least part of it is accepted by every state of the U.S. The MBCA goes over different topics related to the establishment of a corporation such as the steps related to creating the firm, the liability and its effects, corporate management structure and good practices to avoid internal misunderstandings.

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

fractionally backed paper money

fiat money

paper money

metallic money