Assume the football team is set up as a limited partnership Lenny is the only general partner and Sarah and Sam are the only limited partners. The team is sued for negligence because an individual who turned to see the quarterback running naked crashed her car. Which of the following is true?
a) Lenny has unlimited liability and Sarah and Sam have liability limited to their investment in the firm.
b) The only one with liability is the company itself.
c) Lenny, Sarah and Sam all have unlimited liability.
d) Lenny has liability limited to his investment in the firm and Sarah and Sam have unlimited liability.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Assume the football team is set up as a limited partnership Lenny is the only general partner and Sarah and Sam are the only limited ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
A demand curve that is horizontal indicates that the commodity
Answers (1)
Griffith Manufacturing ships 40 crates of goods by Trusty Shipping, a common carrier. Trusty offers Griffith a shipping rate of $725 for a limited liability of $5,000 or a rate of $975 for full liability for any harm to the goods.
Answers (1)
All 50 states have licensing laws that regulate persons and companies that engage in the brokerage business. Interpreting and enforcing state licensing laws falls under the responsibilities of which of the following parties? a. Secretary of state b.
Answers (2)
What is a financial Reserve? A. An amount of money that's been set aside for emergencies B. A way of organizing finances to set and meet goals C. An amount of money that's been set aside for short-term goals D.
Answers (1)
Larry enters into a contract with motivational education services to host a panel discussion at a sales conference.
Answers (1)
New Questions in Business
A short-run phillips curve shows an inverse relationship between
Answers (1)
Which of the following types of business usually has the fastest inventory turnover? furniture store hardware store store that sells consumer electronics grocery store
Answers (2)
A Gantt chart is a horizontal bar chart that shows each work activity on a separate line with the bar placed from the early start date to the early finish date for each activity on a timescale. 1. True 2. False
Answers (1)
You run a small auto service shop. Your fixed expenses per week are $1,000 and your average customer invoice is $500 with an associated marginal cost of $300. What is your weekly break-even quantity?
Answers (1)
Frontera Company's output for the current period results in a $20,000 unfavorable direct labor rate variance and a $10,000 unfavorable direct labor efficiency variance.
Answers (1)