Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tomo is a sole proprietor and owns a restaurant. w

Tomo is a sole proprietor and owns a restaurant. When the economy falters, he is...

90.2K

Verified Solution

Question

Accounting

Tomo is a sole proprietor and owns a restaurant. When the economy falters, he is forced to close his restaurant and owes creditors nearly $24,000. The creditors can go after not only Tomo's business assets but also his personal property such as his house, car, and personal bank account. This demonstrates the concept of
A. a tender offer
B. divestiture
C. double taxation
D. limited liability
E. unlimited liability
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

what is ghe relationship between poisson and binomial disribution? what is the deffirence and connection between...

Chemistry
1.2K views

Provide the formula for at least one compound in which boron exhibits metalloid behavior. What aspects...

Biology
1.2K views

You isolate a new drug that seems to kill bacteria. To understand the mechanism of the...

General Management
1.2K views

Lesley is the purchasing manager for an organic food restaurant with a banquet room. She needs...

Biology
1.2K views

4 Do you think Canada should have asked fo full independence or should stay a...

Biology
1.2K views

This is a___ result for the___ testnegative; hydrogen sulfide productionpositive; starch hydrolysisnegative; starch hydrolysispositive; oxidasepositive;...

Physics
1.2K views

In the diagram shown a non uniform magnetic field B Box k is present in...

Geometry
1.2K views

Which equation implies that A and Bare independent events?A) P(B | A) = P(A)B). P(A...

Basic Math
1.2K views

Express ?-64-?-49 as a complex number in standard form:?64-?? 49 =Question Heln:

Statistics
1.2K views

3 AKS 11 A news show displays the results of a poll for a two...

Accounting
1.2K views

Traditional accounting has several limitations which have led to the rise of social accounting. Describe...

Finance
1.2K views

In recent weeks, we have covered a financial statement analysis scheme focusing on operating performance...