Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road , seriously injuring Peter. Against whom can Peter possibly collect for his injuries? Group of answer choices
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Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road , seriously injuring Peter. Against whom can Peter possibly collect for his injuries? Group of answer choices
A. Xavier, since he committed the negligent act.
B. SYZ
C. Any partner, from that partner's personal assets.
D. All of the above.
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- Sonia and Fred are partners in a CPA firm that was formed as a Limited Liability Partnership (LLP). If Sonia commits malpractic in the preparation of client financial statements, are the partner's personal assets at risk to pay damages caused by Sonia? a. Yes, Sonia's assets are at risk b. No, the LLP shields Sonia's personal assets from malpractice c. No, the LLP shields the personal assets of both partners from malpractice d. Yes, Sonia and Fred's personal assets are at riskWhich of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.which type of organization should be formed. Jackie and Susie are starting an accounting firm. They are deciding between a general partnership and a limited liability partnership. It is crucial to Jackie that she has limited liability and is not personally liable if Susie is negligent.
- Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it posible for them to lose a greater amount than the amount of their investment in the partnership? Explian.Which of the following is not a reason for the dissolution by the court? O a. Admission of new partner O b. Partner becomes insane O C. The business cannot be carried on except at a loss O d. Transfer whole interest of a partner is transferred to a third party1. S1: The personal assets of the partners are used first to settle their personal obligations before they are used to satisfy the claims of the partnership creditors. S2: An industrial partner is exempted to share for the losses of the business and is not required to contribute additional cash in case of insolvency of the partnership. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 2. S1: In liquidation process, the noncash assets are sold only to outside parties but never to any of the partners. S2: An insolvent partners’ capital deficiency can be solved by his additional cash contribution. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 3. S1: Dissolution and liquidation are different. S2: In the liquidation of a business the owners’ claims are settled simultaneously…
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- A disadvantage that is NOT peculiar to the partnership form of organization includes a.the interest of a partner in the partnership cannot be transferred without the consent of the other partners. b.termination of the partnership agreement, bankruptcy of the firm, or death of one of the partners dissolves the partnership. c.each partner is individually liable for all of the debts of the partnership. d.the partners do not make the decisions that run the business.Assume that Amey and Lacey are partners. Lacey dies, and her son claims the right to take his mother’s place in the partnership. Does he have this right? Why or why not?Neil and Dylan are partners in a lawn mower repair business in Ohio. While Neil is on vacation visiting his sister in Georgia, his sister's neighbor has trouble with her mower and Neil fixes it for her. She insists on paying him . Neil : O a. may keep the money as this partnership is NOT a professional business pursuant to the non - professional exception rule. O b. may not accept the money because it would create a conflict of interest. O c. may keep the payment since he did the work while he was on vacation. O d. may not accept the money because it would mean he was taking a business opportunity away from the partnership. O e. must turn the money over to the partnership because he earned it doing the kind of work that the partnership does.