[Fishing Kings] Kyle and Felix have a business called Fishing Kings,which escorts tourists on fishing expeditions in Florida.Fishing Kings is doing poorly.Ernesto,a contractor,wants $10,000 for the work he did on Kyle's house.Colin,a tech consultant,wants $7,000 owed to him for setup and purchase of computers in Fishing Kings' office.Kyle sells one of Fishing Kings' boats in order to pay some of the debts.When Felix finds out about the sale,he is furious and yells that Kyle had no right to sell the boat without his permission.Kyle responds that he was acting as an agent of the partnership in selling the boat.
-Which creditor,if any,has priority in Fishing Kings' assets?

Question

Quizplus · Accepted Answer

A)Partnership creditors have first priority in partnership assets,while individual
personal creditors have first priority in the assets of the individual partners.
B)Partnership creditors have first priority in partnership assets,while individual personal creditors have first priority in the assets of the individual partners.
C)Partnership creditors have first priority in partnership assets,while individual personal creditors have first priority in the assets of the individual partners.
D)Partnership creditors have first priority in partnership assets,while individual personal creditors have first priority in the assets of the individual partners.
E)Partnership creditors have first priority in partnership assets,while individual personal creditors have first priority in the assets of the individual partners.

[Fishing Kings] Kyle and Felix Have a Business Called Fishing