This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Joe Smith owns a bookstore as a sole proprietor. He is also a partner in a hotel, which borrowed ... (Read 88 times)

rmenurse

  • Hero Member
  • *****
  • Posts: 513
on: Aug 7, 2021
Joe Smith owns a bookstore as a sole proprietor. He is also a partner in a hotel, which borrowed $100 000 from the bank. Which of the following statements is true?
◦ Because of the concept of limited liability, Smith can lose only what he has invested in the hotel.
◦ The bank can only go after the assets of the bookstore if Smith is the actual person who negotiated the loan with the bank.
◦ The bookstore's assets will only be available to the bank if the bookstore is operated by Smith in conjunction with the hotel.
◦ The bank can look to the assets of the bookstore to pay off the debt.
◦ Although the bank can go after Smith's personal assets, it cannot go after the assets of the bookstore because the bookstore is a separate legal entity from Smith.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by rmenurse on Aug 7, 2021

hugthug12

  • Sr. Member
  • ****
  • Posts: 329
Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 30% of students answer this correctly


rmenurse

  • Member
  • Posts: 513
Reply 2 on: Aug 7, 2021
YES! Correct, THANKS for helping me on my review

scikid

  • Member
  • Posts: 300
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

In inpatient settings, adverse drug events account for an estimated one in three of all hospital adverse events. They affect approximately 2 million hospital stays every year, and prolong hospital stays by between one and five days.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

There are 60,000 miles of blood vessels in every adult human.

Determination of the complete genome sequence of Haemophilus influenzae by Venter, Smith, and collea Determination of the complete genome sequence of Haemophilus influenzae by Venter, Smith, and collea
Kiki Smith, Ginzer and Bird Skeleton. Kiki Smith, Ginzer and Bird Skeleton.
Kiki Smith, Bird Skeleton. Kiki Smith, Bird Skeleton.
The power and control wheel illustrates the strategies that one partner may use to intimidate, ... The power and control wheel illustrates the strategies that one partner may use to intimidate, ...
Petrale Sole Petrale Sole
Victims of police-reported intimate partner violence 2017 to 2018 Victims of police-reported intimate partner violence 2017 to 2018
Video: Hemodynamics Animation

For a complete list of videos, visit our video library