Kraft is a limited partner of Johnson Enterprises, a limited partnership As provided in the limited partnership agreement, Kraft decided to leave the partnership and demanded that her capital contribution of $20,000 be returned At this time, the partnership assets were $150,000 and liabilities to a...

a Kraft is liable to the limited partnership andor the creditors for 10000 for six years for one yea ...

Kraft is a limited partner of Johnson Enterprises, a limited partnership. As provided in the limited partnership

Question:

Kraft is a limited partner of Johnson Enterprises, a limited As provided in the limited agreement, Kraft decided to leave the and demanded that her capital contribution of $20,000 be returned. At this time, the assets were $150,000 and liabilities to all creditors totaled $140,000. The returned to Kraft her capital contribution of $20,000.
(a) What liability, if any, does Kraft have to the creditors of Johnson Enterprises?
(b) If Johnson Enterprises had been formed as a limited liability company, what liability, if any, would Kraft have to the creditors of Johnson Enterprises?

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...