Personally liable for the entity debts, Accounting Basics

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Personally liable for the entity debts

Which of the following partnership owners is personally liable for the entity's debts to general creditors? Select the best answer and explain your answer.

a. A general partner in a general partnership.

b. A limited partner in a limited partnership.

c. A member of a limited liability company.

d. A partner in a limited liability limited partnership.

e. None of these owners are personally liable for entity debts.

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Accounting Basics: Personally liable for the entity debts

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Accounting Basics: Personally liable for the entity debts

Reference No:- TGS047657

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Financial statements created on the date of acquisition

Q : What should beasley record as total liabilities incurred

Q : How gains in value be reported by the company

Q : Direct materials and conversion costs for the month

Q : Personally liable for the entity debts

Q : Problem based on partnership interest at year-end

Q : How much is reported for goodwill

Q : How much should beasley record as total assets

Q : What are consolidated additional paid- in capital

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Personally liable for the entity debts

Reference No:- TGS047657

Recent Questions Asked Accounting Basics

Q : Financial statements created on the date of acquisition

Q : What should beasley record as total liabilities incurred

Q : How gains in value be reported by the company

Q : Direct materials and conversion costs for the month

Q : Personally liable for the entity debts

Q : Problem based on partnership interest at year-end

Q : How much is reported for goodwill

Q : How much should beasley record as total assets

Q : What are consolidated additional paid- in capital

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