Ask Question
BusinessBusiness
25 December, 20:00

Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt? Select one: a. Only Jack is personally liable for the debt, since he has been the managing partner during that time. b. Only Jill is personally liable for the debt of the business, since Jack has been working and she has not. c. Both Jack and Jill are personally liable for the business debt. d. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a separate legal entity.

+5
Answers (1)
  1. 25 December, 20:02
    0
    The answer is: Both Jack and Jill are personally liable for the business debt.

    Our personal assets would not be protected under a partnerships. (if people want to protect their personal assets from loss, they usually form a corporation).

    In partnerships, all loss and profit would be spread proportionally to the percentage of ownership owned by each partners. No matter who make the mistake, all partners would be subjected to the loss.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which of the following types of promotion includes a two-way conversation? A. Advertising B. Public relations C. Personal selling D. A press release
Answers (1)
Jobs in goods-producing industries are increasing t or f
Answers (1)
A corporation: Answer is ultimately controlled by its board of directors. is a legal entity separate from its owners. is prohibited from entering into contractual agreements. has its identity defined by its bylaws.
Answers (1)
For u. s. businesses with strong export capabilities, expansion of u. s. trade agreements with other countries creates:
Answers (2)
The demand equation for blue jeans in the U. S. is QD = 500 - 7P, and the supply equation for blue jeans is QS = 20 + 3P, where P is the price per pair of blue jeans and QD and QS are in 1,000's of blue jeans.
Answers (1)
New Questions in Business
Suppose we are interested in bidding on a piece of land and we know one other bidder is interested. The seller announced that the highest bid in excess of $10,000 will be accepted.
Answers (1)
Zappos, the online shoe and clothing marketer, promises free shipping and free returns on any of its products, no questions asked. This is an example of how Zappos has a strong competitive advantage through
Answers (1)
Based on the corporate valuation model, the total corporate value of chen lin inc. is $900 million. its balance sheet shows $110 million in notes payable, $90 million in long-term debt, $20 million in preferred stock, $140 million in retained
Answers (1)
Larry's lizards and ronaldo's reptiles are competing pet store franchises. both are considering opening a store in the small town of turtleville.
Answers (1)
How does the government of a republic typically shape its economy? A. The government allows citizens to own private businesses. B. The government blocks the ownership of personal property. C. The government owns all homes and other forms of housing.
Answers (1)
Home » Business » Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000.
Sign Up Forgot Password?