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Q: Read the following hypothetical cases and answer all questions based on the US law:
1. AKMA is a general partnership with three partners (Ahmed, Khaled and Mohammed). In 2016 the partnership had fallen in “Hard Time” in compensate the firm’s employees. Mohammed went to the bank and obtained a SR 100,000 business loan, signing his name to the loan agreement as well as the name of the partnership. Further, Ahmed and Khaled were concerned about partnership liability for the SR 100,000 loan, as well as their own personal liabilities for the loan.
· Answer the questions below and state the rule of law of each.
A. Is the general partnership AKMA responsible for the SR 100,000 loan?


Are Ahmed and Khaled personally liable for the loan?

2. MAG is a partnership established in 2009. The partnership objective is producing and selling a certain type of chemicals. In October 2016, a law published prohibited the production of this type of chemicals.
A. In this event, should the partnership go through dissolution? State the rule.
B. (choose the correct answers- you can choose multi answers)
This partnership shall be terminated. Therefore, once it dissolved:
a) Assets should be liquidated and distributed.
b) It should go through the winding up process.
c) No further steps are required.
d) “B” is the only correct answer.

3. Answer True or False and right the correct answer if you believe the sentence is false.
A. When a corporation does not meet the requirements of state incorporation statute, the court will pierce the corporate veil.

اذا حليته معليه ترسله ربي يعافيك

ليه مافي رد ؟

أسئلة الواجب غير عنكم

الاجوبة على طول بالترتيب
Q1: Answer : yes
Answer : yes
Q2:
Yes, Partnership Dissolution by " Court Action"
الاختيارات A and B
السؤال الاخير True
بالتوفيق

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