Fox, Dodge, and Gilbey agreed to become limited partners in Palatine Ventures, a limited partnership. In a

Question:

Fox, Dodge, and Gilbey agreed to become limited partners in Palatine Ventures, a limited In a signed writing each agreed to contribute $20,000. Fox’s contribution consisted entirely of cash; Dodge contributed $12,000 in cash and gave the her promissory note for $8,000; and Gilbey’s contribution was his promise to perform two hundred hours of legal services for the What liability, if any, do Fox, Dodge, and Gilbey have to the by way of capital contribution?
(b) If Palatine Ventures had been formed as a limited liability company (LLC) with Fox, Dodge, and Gilbey as members, what liability, if any, would Fox, Dodge, and Gilbey have to the LLC by way of capital contribution?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...