Examlex
Answer the following:
a. Does a new partner in a firm have unlimited liability for debts existing when he joined the firm?
b. What should a prospective partner do to avoid unreasonable liability? Explain.
Capital
Refers to the financial resources available for use in the production of goods or the provision of services.
Sole Proprietorship
An enterprise that a single person owns and runs, where there's no legal separation between the proprietor and the enterprise itself.
Limited Liability Company
A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.
Corporation
A legal entity that is separate and distinct from its owners, offering limited liability to its shareholders, and is capable of owning property, being liable, and suing or being sued.
Q1: The use of a sample or model
Q4: The right of a shareholder to examine
Q27: RULPA requires a lesser duty of care
Q36: A distribution may be in the form
Q40: A bearer instrument is comparable to cash
Q51: The board of directors generally manages the
Q58: Only a bank may serve as the
Q60: Under the UPA, which of the following
Q65: A corporation has perpetual existence unless otherwise
Q71: What is electronic funds transfer? Why do