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

Author Question: Chuck, Howard, and Ben decide to start a business venture, developing and distributing educational ... (Read 68 times)

newyorker26

  • Hero Member
  • *****
  • Posts: 536
on: Aug 7, 2021
Chuck, Howard, and Ben decide to start a business venture, developing and distributing educational software. For tax reasons, they do not incorporate. Each contributes $10 000, and Howard also contributes a truck and his programming expertise. They agree that all three will be actively involved in the day-to-day management of the business. To determine their rights and obligations, they enter into a one-page agreement that provides only that each of Chuck, Howard, and Ben will receive 33.3% of the profits but also states specifically they are not to be viewed as partners. Based on these facts, which of the following statements is true?
◦ Chuck, Howard, and Ben are not partners because they do not share profits in proportion to their capital contributions.
◦ Chuck, Howard, and Ben will be considered partners in the eyes of the law, because they share profits and are involved in the management of the business.
◦ Chuck, Howard, and Ben are not partners because to be partners they must be professionals, such as dentists, lawyers, or doctors.
◦ Chuck, Howard, and Ben will not be considered partners because of their express intention in their agreement.
◦ Chuck, Howard, and Ben will be considered partners, but someone claiming against the partnership will only be able to collect 33.3% from any one partner because of the agreement.
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 newyorker26 on Aug 7, 2021

amit

  • Sr. Member
  • ****
  • Posts: 364
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 35% of students answer this correctly


newyorker26

  • Member
  • Posts: 536
Reply 2 on: Aug 7, 2021
Great answer, keep it coming :)

amit

  • Member
  • Posts: 364
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

During pregnancy, a woman is more likely to experience bleeding gums and nosebleeds caused by hormonal changes that increase blood flow to the mouth and nose.

Did you know?

There are approximately 3 million unintended pregnancies in the United States each year.

Did you know?

Pope Sylvester II tried to introduce Arabic numbers into Europe between the years 999 and 1003, but their use did not catch on for a few more centuries, and Roman numerals continued to be the primary number system.

Did you know?

The average older adult in the United States takes five prescription drugs per day. Half of these drugs contain a sedative. Alcohol should therefore be avoided by most senior citizens because of the dangerous interactions between alcohol and sedatives.

Did you know?

Common abbreviations that cause medication errors include U (unit), mg (milligram), QD (every day), SC (subcutaneous), TIW (three times per week), D/C (discharge or discontinue), HS (at bedtime or "hours of sleep"), cc (cubic centimeters), and AU (each ear).

A watchful "rock chuck" or Yellow-bellied Marmot (Marmota flaviventris) atop Mount Dana, Y A watchful "rock chuck" or Yellow-bellied Marmot (Marmota flaviventris) atop Mount Dana, Y
Using educational materials, the medical assistant discusses lifestyle changes with a diabetic ... Using educational materials, the medical assistant discusses lifestyle changes with a diabetic ...
Practice Problem 86 You are studying the regulatory DNA of a mouse gene expressed in developing ... Practice Problem 86 You are studying the regulatory DNA of a mouse gene expressed in developing ...
Start the diagnosis by locating the relay center. It is under the hood on this General Motors ... Start the diagnosis by locating the relay center. It is under the hood on this General Motors ...
Direct thumb pressure along the tibialis anterior. Start at proximal end, moving about 1 inch at a ... Direct thumb pressure along the tibialis anterior. Start at proximal end, moving about 1 inch at a ...
Deforestation in developing nations Deforestation in developing nations
Video: Hormonal regulation of pregnancy - week 1

For a complete list of videos, visit our video library