Lamb organized a limited partnership and is the only general partner. Maxi invested $20,000 in the partnership
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Lamb organized a limited partnership and is the only general partner. Maxi invested $20,000 in the partnership and was admitted as a limited partner with the understanding that he would receive 10% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, part¬ nership liabilities were $85,000 larger than partnership assets. How much money can the partnership’s creditors obtain from Maxi’s personal assets to satisfy the unpaid partnership debts?
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Related Book For
Fundamental Accounting Principles
ISBN: 9780072946604
17th Edition
Authors: Kermit D. Larson, John J Wild, Barbara Chiappetta
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