Business, 28.02.2020 01:25 dariel41

Abby and Zeke begin a joint venture together selling fruitcakes door to door. Each invests $500. The joint venture generates large debts, and there is not sufficient income from the joint venture to pay them. Abby and Zeke as joint venturers are:

a. liable only to the amount of assets available in the joint venture.
b. liable only to the amount invested.
c. personally liable.
d. personally liable in proportion to the amount invested.

Answers: 2

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Answer from: sophiebeardsley94

The correct option is C,Abby and Zeke are personally liable

Explanation:

Being personally liable means that if the amount of assets available in the joint venture is not enough to pay back the debts owed by the joint venture, the joint venturers would have to pay the debt balance from private pockets.

Option A is applicable to limited liability companies as well as limited liability partnerships.

Option B is also wrong based on the point cited for option A.

The same issue applies to Option D.

In other words, options A,B and D are only applicable to limited liability situations and the joint venture is not a limited liability business.

Answer from: Kiona3815

c. Personally liable

Explanation:

Abby and Zeke begin a joint venture together selling fruitcakes door to door. Each invests $500. The joint venture generates large debts, and there is not sufficient income from the joint venture to pay them. Abby and Zeke as joint venturers are therefore personally liable, because as joint ventures they must each take responsibility for the venture.

Answer from: Quest

Ok i a

Answer from: Quest

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7. customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

your welcome leave a rate and a < 3

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Abby and Zeke begin a joint venture together selling fruitcakes door to door. Each invests $500. The...

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