subject
Business, 06.05.2020 03:23 alexapacheco012

Sonya and Davi are going to open a sporting goods store. They sign a written limited partnership agreement naming Davi as a limited partner and Sonya as the general partner. Sonya files a certificate of limited partnership with the state. Sonya contributes $100,000 toward the start-up, while Davi contributes $200,000. They agree to split profits evenly because Sonya will be working in the store and operating the day-to-day business. About a month after they open, the business is not doing well, so Davi starts becoming more involved Soon he is requiring that Sonya approve all purchases with him, and Davi is actively directing Jack, the sole employee. One day, Geoff, a customer, is injured when a bowling ball falls off a shelf and shatters his foot Geoff sues and is awarded a judgment of $1 million.

A) As this was a limited partnership, Sonya is liable for $800,000 and Davi is liable for $200,000.
B) Whoever negligently secured the bowling ball on the shelf is liable for the $1 million liability
C) Sonya and Davi are each liable for up to $500,000.
D) Under the circumstances, Sonya and Davi are both jointly and severally liable for the full S1 million.

ansver
Answers: 2

Other questions on the subject: Business

image
Business, 22.06.2019 18:00, tifftiff22
On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?
Answers: 1
image
Business, 22.06.2019 20:40, IkweWolf1824
Which of the following would indicate an improvement in a company's financial position, holding other things constant? a. the inventory and total assets turnover ratios both decline. b. the debt ratio increases. c. the profit margin declines. d. the times-interest-earned ratio declines. e. the current and quick ratios both increase.
Answers: 3
image
Business, 22.06.2019 22:00, emilyswinge4421
Exercise 2-12 cost behavior; high-low method [lo2-3, lo2-4] speedy parcel service operates a fleet of delivery trucks in a large metropolitan area. a careful study by the company’s cost analyst has determined that if a truck is driven 120,000 miles during a year, the average operating cost is 11.6 cents per mile. if a truck is driven only 80,000 miles during a year, the average operating cost increases to 13.6 cents per mile. required: 1.& 2. using the high-low method, estimate the variable and fixed cost elements of the annual cost of truck operation. (round the "variable cost per mile" to 3 decimal places.)
Answers: 3
image
Business, 23.06.2019 01:20, celestemaria0727
Erp has all the following advantages except: modules throughout a corporation can communicate with each other while purchasing is difficult, the vendors such as sap make it worthwhile due to easy implementation have predefined software that represents "pretty good practices" or even "best practices" enables standardized procedures in an organization reduces inconsistent data stored in various locations of the organization
Answers: 3
You know the right answer?
Sonya and Davi are going to open a sporting goods store. They sign a written limited partnership agr...

Questions in other subjects:

Konu
Mathematics, 06.12.2021 14:00
Konu
Arts, 06.12.2021 14:00
Konu
Business, 06.12.2021 14:00
Konu
History, 06.12.2021 14:00
Konu
Mathematics, 06.12.2021 14:00
Konu
Mathematics, 06.12.2021 14:00