Ask Question
BusinessBusiness
25 February, 22:40

Jason and Jeanette are starting their business as a partnership along with eight other friends. They should understand that this form of business is plagued with which of the following disadvantages?

+4
Answers (1)
  1. 26 February, 01:05
    0
    Unlimited Liability

    Explanation:

    Jason, Jeanette, and their eight other friends are forming an unlimited liability corporation, which exist in a few Canadian provinces (Alberta, Nova Scotia, and British Columbia).

    In unlimited liablity corporations, as the name implies, partners have unlimited liability in case of bankruptcy or default. This means that if the company fails, partners do not only provide their capital contributions, but also their personal wealth. (for example, their houses, cars, appliances, etc).
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Jason and Jeanette are starting their business as a partnership along with eight other friends. They should understand that this form of ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each.
Answers (1)
HighGrowth Company has a stock price of $ 23. The firm will pay a dividend next year of $ 1.19 , and its dividend is expected to grow at a rate of 3.7 % per year thereafter.
Answers (1)
ReVitalAde produced 13,000 cases of powdered drink mix and sold 12,000 cases in April 2018. The sales price was $ 29 , variable costs were $ 12 per case ($ 9 manufacturing and $ 3 selling and administrative), and total fixed costs were $ 100,000 ($
Answers (1)
Sal used a building in his business that cost $200,000. In September Year 1, Sal sold the building to Benno for $100,000 cash. Benno also agreed to assume Sal's $150,000 mortgage and pay Sal's $5,000 accrued real estate taxes.
Answers (1)
Early in 2020, Concord Equipment Company sold 500 Rollomatics at $6,500 each. During 2020, Concord spent $20,000 servicing the 2-year assurance warranties that accompany the Rollomatic. All applicable transactions are on a cash basis.
Answers (1)
New Questions in Business
The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A. Cost Principle. B. Going-concern assumption.
Answers (1)
Problem 5-68 Perpetuities and Effective Interest Rate (LO3) What is the value of a perpetuity that pays $100 every 3 months forever? The interest rate quoted on an APR basis is 6%.
Answers (1)
When spreading fixed moh, the largest plus to using practical capacity is: question 10 options: a focuses management's attention on unused capacity b never causes over or under-allocated overhead c burdens the user divisions with the costs of unused
Answers (1)
Which statement best describes how governments respond to changes in the business cycle? Check all that apply governments make current see more available governments refuse to pass a budget governments change their policies governments reduce
Answers (2)
Corporate shareholders: A. are proportionately liable for the firm's debts. B. are protected from all losses. C. have the ability to change the corporation's bylaws. D.
Answers (1)
Home » Business » Jason and Jeanette are starting their business as a partnership along with eight other friends. They should understand that this form of business is plagued with which of the following disadvantages?
Sign Up Forgot Password?