A Firm Has Two Partners: Jim and Bill

question 69

Multiple Choice

A firm has two partners: Jim and Bill. Jim owns 60% of the partnership and Bill owns 40%. In which of the following transactions will the partnership be responsible for the partners' actions?

• A)Jim signing the contract as a guarantor for Bill's personal loan
• B)Jim buying a laptop on credit for personal use
• C)Bill signing a contract to buy furniture for official use in the partnership
• D)Bill defaulting on payment of his credit card bill

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Definitions:

Women's Morality

The aspect of ethics and values that pertains to the distinct moral experiences, expressions, and choices made by women.

Responsibility

The state or obligation of being accountable or to blame for something, involving the duty to deal with something or of having control over someone.

Rights

Entitlements or freedoms that are granted to individuals, usually by law or social agreement, allowing them to perform certain actions without interference or oppression.

Abstract Concept

An idea or thought that is not associated with any specific instance or concrete object, often difficult to understand and communicate.