Author Question: A registration certificate for a partnership's fictitious name contained the names of Barry, Boyd, ... (Read 92 times)

gbarreiro · **on:** Jun 24, 2018

A registration certificate for a partnership's fictitious name contained the names of Barry, Boyd, and Swartz. Bank or America extended credit to the firm in reliance in part on the certificate that named Swartz as a partner. Swartz, in fact, had no knowledge of the certificate and never had agreed to be a partner. Because of BOA's reliance on the certificate and the statement that Swartz was a partner, Swartz has a partner's liability insofar as Cruise is concerned.
Indicate whether the statement is true or false

Question 2

Depreciation is subtracted from the cost of the property in determining the adjusted basis.
Indicate whether the statement is true or false