Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

True or False Joan Davis and William Marclay, owners of multi-million dollar businesses agree to join together as a partnership. Due to the size of

True or False

  1. Joan Davis and William Marclay, owners of multi-million dollar businesses agree to join together as a partnership. Due to the size of the partnership, the contract forming the partnership must be in writing.
  2. Deeply in debt, Edwin Larsen assigned all of his interest in the partnership of which he was a member to Ernie Lacosse. This act will result in the end of the partnership.
  3. Jacob Jones and Denise Roberts are both real estate agents. Whenever they are a part of the same sale of property, they will share the commission.They are agents.
  4. Kean and Bubnick are real estate agents who share commissions on joint sales. This sharing of gross returns establishes a partnership unless Kean and Bubnick have a written agreement to the contrary.
  5. Drew is a member of a partnership that sells petroleum drilling equipment. The partnership has a policy of not extending credit to customers in excess of $20,000 without the approval of three partners.Drew, on his own, extended credit to a good customer in the amount of $30,000.Drew will be personally responsible for the loan.
  6. Bill, Dana, and Carol are partners. After five years of operation, the partnership has debts of $4,500,000.Bill and Dana have no assets.If Carol has personal funds in excess of $4,500,000, she will be completely responsible for the debts of the partnership.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Constitutional Law Cases Materials And Problems

Authors: Russell L. Weaver, Steven I. Friedland, Richard D. Rosen

5th Edition

1543830447, 978-1543830446

More Books

Students also viewed these Law questions

Question

Explain the definition of disability used in the OASDI program.

Answered: 1 week ago

Question

Am I expecting too much from other people?

Answered: 1 week ago

Question

simplify: (4 5) (13 18 + 2)

Answered: 1 week ago

Question

How a hearing or court case us conducted is governed by?

Answered: 1 week ago