Question
Facts: JJJ Files a Certificate of Limited Partnership in Missouri with the appropriate department or agency to establish a bike & Hike business. THere are
Facts: JJJ Files a Certificate of Limited Partnership in Missouri with the appropriate department or agency to establish a bike & Hike business. THere are no special profit/loss terms in the agreement. Mike is a limited partner, who initially contributed $44,000. Initial contributions of the general partners are Jason ($141000), Jan ($80000) and Joan (66000).
General Partner Jason did not properly strap in a child (Jackie) on the kiddy seat, resulting in injury of $46000.
Calculate the share of loss for these partners and distribute the loss according to default rules.
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