A limited partnership was formed consisting of Webster as the general partner and Stevens and Stewart as
Question:
A limited partnership was formed consisting of Webster as the general partner and Stevens and Stewart as the limited partners. The limited partnership was organized in strict compliance with the limited partnership statute. Stevens was employed by the partnership as a purchasing agent. Stewart personally guaranteed a loan made to the partnership. Both Stevens and Stewart consulted with Webster about partnership business, voted on a change in the nature of the partnership business, and disapproved an amendment to the partnership agreement proposed by Webster. The partnership experienced serious financial difficulties, and its creditors seek to hold Webster, Stevens, and Stewart personally liable for the debts of the partnership. Who, if any, is personally liable?
Explain.
Step by Step Answer:
Essentials Of Business Law And The Legal Environment
ISBN: 9781337555180
13th Edition
Authors: Richard A Mann, Barry S Roberts