Answer
Option B. Laura is personally liable as the bank, in good faith, thought she is a general partner
Explanation:
Limited Partnership (LP)
This is Business entity that exists in line with state statutes that gives limited liability to some of its members who called limited partners.
RULPA
This is simply called Revised Uniform Limited Partnership Act. It is the model for Limited Partnership legislation in most states.
Limited Partner
This is a part or member of a limited partnership.it is that individual who is not involved in controlling the business and whose liability is limited to amount invested in the business.
General Partner
It is simply a member in a limited (or general) partnership who controls the business and has unlimited personal liability.
In the above scenario, Laura will be taken as a general partner and will be held personally accountable or liable for the loan, and also along with the general partners of the limited partnership.The rule of RULPA gives the right for a limited partner to be involved in the management of the partnership’s affairs and not losing the limited liability if the limited partner has been formally employed by the partnership to be an executive of the partnership.
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Larger vehicles with larger motors because they use oil whereas electric cars run on electricity,biofuels refers to oils if people invest to extract it they can earn money,solar energy is free and doesn’t require anything. Hence, people tend to spend less on larger machines with larger motors.
Answer:
The correct answer is $300,000.
Explanation:
According to the scenario, the computation of the given data are as follows:
Original cost = $250,000
Fair value = $300,000
Retail value = $520,000
As Share based transaction of the organization record or issued always at fair value for which the goods or services are exchanged.
Here, Fair value is given.
So, the transaction will be recorded at fair value = $300,000
