Multiple Choice
Ben,who runs a livestock breeding business,owes the Circle C Ranch $40,000.Ben agrees to pay the Circle C a percentage of his profits each month until the debt is paid.Because of this agreement,the Circle C is
A) Ben's creditor and partner.
B) Ben's creditor only.
C) Ben's partner only.
D) neither Ben's creditor nor his partner.
Correct Answer:
Verified
Correct Answer:
Verified
Q16: A limited liability partnership may exempt its
Q28: Parker and Oscar sign a partnership agreement
Q29: In a limited partnership,a general partner's dissociation
Q30: A partner owes to the partnership and
Q31: Fact Pattern 37-1B <br>Brad,Carlos,and Dora are general
Q32: Property acquired by the partnership is the
Q34: In a limited partnership,a general partner has
Q36: Joint ownership of property does not in
Q37: If a partnership's liabilities are greater than
Q38: In a limited liability limited partnership,the liability