Mumtaz, Badia and Ilya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and Ilya contributes $5,000 The partners agree among themselves that they will share partnership profits and losses in proportion to their contributions. In addition, the partnership borrows $30,000 from the bank. The business doesn't work out, MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount the bank can legally recover from Mumtaz is:
A) nothing
B) $5,000
C) $10,000
D) $15,000
E) $30,000
E
You might also like to view...
Buzz marketing can be compared to a virus. The inoculation stage:
A) involves the product being adopted by the early majority B) involves the product being used by a few innovators or trendsetters C) corresponds to the product being introduced D) involves widespread use of the product
Which one of the following statements is true?
A) If a plant asset is self-constructed for less than it would cost to purchase, a profit should be recorded upon the completion of the construction. B) When property, plant, or equipment is acquired through donation, no entry is recorded. C) Development stage enterprises need not report losses before sales are made. D) Interest cannot be capitalized if a loan is taken when an asset is substantially complete and ready for its intended use.
How does the text recommend that an organization find out if its outreach efforts are being noticed by the community?
a. Have the organization’s own employees take informal surveys. b. Give the Corporate Philanthropy Index survey to multiple stakeholders. c. Poll clients and customers about their experience with the organization. d. Search for media reporting about the organization.
The American rule provides that the first assignment in time prevails, regardless of notice
Indicate whether the statement is true or false