Deck 41: Digital Update:A Sole Proprietorship, Facebook Poker, and Bankruptcy

Question 1

Bill starts Castaway to market a new line of uniquely designed fishing gear.Delta Bank loans $50,000 to Bill for the project.The bank is most likely to recover the amount of the loan from Bill's personal assets​

A)if Bill provides a complete,accurate record of business transactions.
B)if the loan is not subject to an agreement that imposes personal liability.
C)if Bill's business is a sole proprietorship.
D)under no circumstances.

Answer 1

C

Question 2

Beth starts Checklist to market a new app.Valley Credit Union loans $30,000 to Beth for the project.Later,the debt is most likely to be discharged in bankruptcy

A)if Beth provides a complete,accurate record of business transactions.
B)if the loan is not subject to an agreement that imposes personal liability.
C)if Beth's business is a sole proprietorship.
D)under no circumstances.

Answer 2

A