Answered: Xavier, who is a partner in SYZ Floral…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Xavier, who is a partner in SYZ Floral Delivery, negligently drove the delivery truck off the road , seriously injuring Peter. Against whom can Peter possibly collect for his injuries? Group of answer choices

A. Xavier, since he committed the negligent act.

B. SYZ partnership, as a business entity.

C. Any partner, from that partner's personal assets.

D. All of the above.

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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