Alex and Bailey Opened a Dance Studio Together as General

question 91

Multiple Choice

Alex and Bailey opened a dance studio together as general partners. They each invested $10,000 of their personal savings. After one year in business, they decided to close the doors. Their partnership agreement said they would divide profits and losses 50/50. They have more debt than assets. Alex and Bailey will each ________.

• A)lose only $10,000, the amount they invested since they agreed to share profits and losses 50/50
• B)lose personal assets to repay the debt since a partnership is not considered to be a separate entity from the partners who own it
• C)collect the debt from their former customers since the customers accepted responsibility for the business when they purchased services
• D)avoid any liability for the debt since a partnership is considered to be a separate entity from the partners who own it

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Definitions:

Community Health

The study and improvement of health within a particular geographic area or group of people.

Playground

An outdoor area provided for children to play, typically equipped with recreational structures like slides and swings.

Epidemics

An outbreak of a disease that spreads rapidly and widely among the population in a specific area or community.

Community Health Nursing

A field of nursing that focuses on the health care of individuals, families, and groups within a community, aiming to improve the overall health and wellbeing of populations.