Ch4 Flashcards
1
Q
Legal status of SP
A
not separate legal entity
2
Q
Who owns assets of SP
A
the SP
3
Q
Who is liable for contracts/tort in a SP
A
the SP
4
Q
What assets can be obtained in the enforcement of judgements arising out of business of a sole practitioner
A
the SP
5
Q
How are SP’s typically financed
A
(1) investment by partners
(2) borrowed funds
(3) trade credit
- note the usual: securities leg might apply, creditors might constrain business,
