Partners' personal assets:
A) cannot be reached by partnership creditors
B) cannot be reached by partnership creditors unless partnership assets are exhausted.
C) can only be reached by personal creditors.
D) None of the above
B
You might also like to view...
Financial reporting requires that firms recognize product financing arrangements as liabilities if which of the following conditions is met?
a. The arrangement requires the sponsoring firm to purchase the inventory, substantially identical inventory, or processed goods of which the inventory is a component at specified prices. b. The selling or sponsoring firm physically controls the inventory. c. The payments made to the other entity cover all acquisition, holding, and financing costs. d. Both A and C are correct.
Which of the following have well-established methods of operation?
A. New start-up firms B. Franchises C. Bankrupt firms D. All of these
It is necessary for Aquasona Inc., a company that packages drinking water, to regularly engage in operational planning. The managers of the company typically do the planning for a period of one week. In this case, the managers in charge of the operational planning are _____ managers.
A. general B. middle C. top-level D. first-line
The executives of Jornaginn Corporation have decided they need to sell 50,000 additional shares of stock to finance their expansion plans. The executives
A. cannot sell that many shares unless they were authorized initially in the corporate charter. B. can sell as many shares as the market will bear. C. are limited by the number of shares authorized in the corporate charter, but this number can be increased by amending the charter and paying a fee. D. can sell the shares only if the shares have a par value which is close to the current market price.