Nolan is driving a truck delivering goods for his partnership when he negligently backs into a customer's new car. The customer sues the partnership and recovers $6,000 in damages. What liability do the other partners have for Nolan's actions?
A) Joint and several liability
B) Individual liability but not joint liability
C) Liability based on their capital contributions
D) No liability
A
You might also like to view...
The chart of accounts for a partnership, with the exception of additional drawing and capital accounts, does not differ from the chart of accounts for a sole proprietorship
a. True b. False Indicate whether the statement is true or false
A pharmaceutical ad features a world-renowned heart surgeon describing the benefits of a medication. Which of the following message execution styles is illustrated in this example?
A) mood or image B) fantasy C) personality symbol D) musical E) testimonial evidence
How is Income from Operations determined?
a. Net Sales ? Cost of Goods Sold ? Selling Expenses ? Administrative Expenses b. Gross Profit ? Cost of Goods Sold + Selling Expenses c. Gross Profit + Cost of Goods Sold d. Net Sales ? Selling Expenses ? Administrative Expenses
Mission statements become simply cosmetic additions to brochures, reports, lobby exhibits, speeches, and other communications if they do not have which one of the following?
A. Clear and concise wording D. Government enforcement B. Effective illustrations E. Good employee benefits C. Management commitment