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Kelly and her friend Ezra formed a partnership in a landscape business. Under their arrangement, Kelly actively manages the company and assumes unlimited liability for
Kelly and her friend Ezra formed a partnership in a landscape business. Under their arrangement, Kelly actively manages the company and assumes unlimited liability for its debts. Ezra invests several thousand dollars with plans to share in the profits, but does not actively make management decisions, nor will he assume liability beyond his initial investment. Kelly and Ezra are in a limited partnership.
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