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Assume that partner, Rev. Lovejoy, makes a capital contribution of $12,000, partner, Ned Flanders, makes a contribution of $6,500 and services, and partner, Seymour Skinner, makes no monetary contribution, but agrees to devote knowledge and skill to the business. Assume that the partners agree to divide the partnership profits equally. When dissolution occurs, after completion of the winding up, the partners find that the partnership has paid all of its debts except $2,800 to creditor, Springfield Loan Co., $800 to creditor, Shelbyville Loan & Trust, $200 to creditor, Moe's Tavern, and $1,700 to Lovejoy, who had loaned (interest free) that amount to the business. The firm has no money or property to meet these obligations. How will the partnership accounts be settled?
Identify the key information about the holiday as set out in brochure.
Pam borrows $5,000 from Quality Auto Sales to buy a car. When Pam does not pay the loan or return the car, Quality wants to transfers the right to the payment to Rapid Collection Agency. Rapid agrees to pay Quality for this right, but for a price tha..
read the entrepreneurs dilemma and the questions that follow. identify the legal issues and apply legal concepts and
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