Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jill, a Certified Public Accountant, was a limited partner in a retail business. Every year, she did the taxes for the business and offered financial

Jill, a Certified Public Accountant, was a limited partner in a retail business. Every year, she did the taxes for the business and offered financial advice. She also made investments on behalf of the business. When the business is sued for breach of contract, which statement best describes Jill's potential liability?

Select one:

a.

Jill can only be liable to the amount of her investment since she is a limited partner.

b.Jill has no potential liability since she is a limited partner.

c.Jill's liability, as a limited partner, is limited to amount of her capital contribution.

d.

Jill can be held personally liable since she participated in management.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contract Law

Authors: Ewan McKendrick

13th Edition

1352005255, 978-1352005257

More Books

Students also viewed these Law questions