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Author Question: Joe Smith owns a bookstore as a sole proprietor. He is also a partner in a hotel, which borrowed ... (Read 103 times)

rmenurse

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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
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Marked as best answer by rmenurse on Aug 7, 2021

hugthug12

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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.
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rmenurse

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

laurnthompson

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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