Essay
ABC partnership owns and operates a potato farm in Idaho.A,B,and C are the partners/owners.C is having significant personal financial problems.Savoy Stores has obtained a judgment against C in the amount of $l2,341.Savoy knows that ABC is about to harvest its potatoes.When the ABC potatoes are being transported for processing,Savoy takes one-third of the potatoes to satisfy the debt.A and B object.C claims he is using the partnership property to satisfy a debt.Can C do this?
Correct Answer:

Verified
No.Creditors can attach the pa...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q75: A LLP can be created by implication.
Q76: Under Sarbanes-Oxley,current employees are not considered independent
Q77: It is fraud to form a corporation
Q78: Partners' personal assets can be reached by
Q79: Grace Owen formed a corporation with three
Q81: Close corporations have less formality in their
Q82: Utah Light,Inc.has a takeover offer from Cal
Q83: A corporation is said to have double
Q84: Limited partners who act as guarantors for
Q85: Directors are personally liable for errors in