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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The dominance or significant influence exerted by the elite or ruling class in directing the political, economic, or social affairs of a society.

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