Mr. Salim and Mr. Nassir started a limited partnership business. Both agreed that Mr. Salim will be a general partner and Mr. Nassir will be a limited-liability partner. The business could not run successfully and closed after 2 years. It had debts/loans of OMR 20,000 while business assets only were sold for OMR12000. Who will pay the remaining OMR 8000 difference? a. No partner will pay this remaining difference b. Mr. Nassir because he is a limited-liability partner and fully liable c. Mr. Salim because he is a general partner and

Mr. Salim and Mr. Nassir started a limited partnership business. Both agreed that Mr. Salim will be a general partner and Mr. Nassir will be a limited-liability partner. The business could not run successfully and closed after 2 years. It had debts/loans of OMR 20,000 while business assets only were sold for OMR12000. Who will pay the remaining OMR 8000 difference? a. No partner will pay this remaining difference b. Mr. Nassir because he is a limited-liability partner and fully liable c. Mr. Salim because he is a general partner and

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter13: Choice Of Business Entity—general Tax And Nontax Factors/formation

Section: Chapter Questions

Problem 43P

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