Question
Bob Cratchitt and Ebeneezer Scrooge are partners with one another. Bob Cratchitt has invested 25% in the partnership while Scrooge has invested 75% in the
Bob Cratchitt and Ebeneezer Scrooge are partners with one another. Bob Cratchitt has invested 25% in the partnership while Scrooge has invested 75% in the partnership. Cratchitt has little or no assets while Scrooge has a personal net worth in the millions. Cratchitt, who is primary managing partner, in the course of the partnership, makes some terrible business decisions. After a period of time, the partnership becomes insolvent. It owes its creditors approximately $100,000.00. The creditors are looking to recover this amount. Scrooge comes to you looking for advice. Explain his obligations to his creditors. Also, explain any rights he may have with respect to Cratchitt.
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