Suppose That Tracy and Pat Start a Business

question 256

Multiple Choice

Suppose that Tracy and Pat start a business. Because of a series of bad decisions by Tracy, the company goes bankrupt, owing a total of $50,000. Tracy is penniless and Pat is a millionaire. If the company were organized as a partnership, Pat would be responsible for

• A) over $1 million of debt.
• B) $50,000 of debt.
• C) $25,000 of debt.
• D) $0 of debt.

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Definitions:

Lithium Carbonate

A chemical compound used primarily in the treatment of bipolar disorder, acting to stabilize mood and reduce the extremes of mania and depression.

Bipolar Disorder

A mental disorder marked by extreme mood swings, including emotional highs (mania or hypomania) and lows (depression).

Lithium Carbonate

A chemical compound used primarily in the treatment of bipolar disorder, acting to stabilize mood.

Obsessive-Compulsive Disorder

A mental disorder characterized by unwanted thoughts (obsessions) and repetitive behaviors (compulsions) that the sufferer feels driven to perform.