Explain the nature of partnership liabilities
Unless their agreement provides otherwise, partners have joint liability on all partnership contractual liabilities and joint and several liable for all torts. If the partnership does not have adequate assets to pay the firm's debts or liabilities, the general partners have individual liability for the full amount of the debts or liabilities. If all the partners but one are insolvent, the remaining solvent partner must pay all the debts. The solvent partner has a right of contribution but may be unable to collect. A partner who withdraws is liable for all partnership debts up to the time of the withdrawal.?
You might also like to view...
The speed of the Internet and the pervasiveness of social media and viral communications mean that people and companies are always ________
A) viewed more favorably in a crisis B) one step away from crisis C) less vulnerable to a crisis D) more glamorous after a crisis
When a joint cost is allocated based on pounds of output, all products will:
a. Have a sales value greater than their cost. b. Have the same joint cost per pound. c. Be salable at the split-off point. d. Have no disposal value at the split-off point.
Considering the service desired and the relative cost of the item, which of the following would you
most likely ship by truck? A) regular shipments of cut flowers B) regular shipments of grain C) regular shipments of iron ore D) A and B above E) B and C above
In order to avoid liability for negligent hiring, the primary question an employer must consideris:
a. whether the employer's own written hiring policies are adequate b. whether placing an unfit person in the particular job could be expected to result in harm c. whether there is evidence of a candidate's unfitness that could be found through a thorough personal interview with the applicant d. all of the above e. none of the above