The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 17, Problem 2IS
Summary Introduction
Case summary:Three persons D, L and E formed a limited
To find: If the filing of a petition of involuntary bankruptcy against person E amounts to the dissolution of the limited partnership.
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A, B and C were in general partnership business. Because of wrong decision taken by Mr.C the business got losses, which even the business assets cannot cover those liabilities and all of the partners will be subjected for unlimited liabilities. Who will be liable for the business debts and has to use personal property to pay for the losses.
Select one:
a.
Partner B
b.
Partner C
c.
Partner A
d.
All the partners
describing a Limited Liability Company (LLC) business that would created. Indicate a specific provisions that would be include in the LLC's Articles of Organization.
The following statements are true, except *
-A limited partner is liable for partnership debts up to the extent of his capital contribution
-An industrial partner can also be a capitalist partner at the same time.
-An industrial partner who engages in business for himself can be excluded from the partnership.
-A capitalist partner may engage in the same line of business as that of the partnership
-answer not given
The following partnership accounts represent a liability of a partner to the partnership, except *
-Receivable from partner
-Loan to partner
-Due from partner
-all of the above
-answer not given
A partner’s capital account is credited for the following transactions, except *
-Share in net income
-loan from the partner
-Original and additional investment
-both A and C
-answer not given
Chapter 17 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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