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Lucy, Max and Mark are partners in a contracting business (a partnership) which cannot pay its debts. Lucy owns 50%, Max owns 25% and Mark
Lucy, Max and Mark are partners in a contracting business (a partnership) which cannot pay its debts. Lucy owns 50%, Max owns 25% and Mark owns 25%. Under Joint and Several Liability creditors can sue:
Group of answer choices
All partners collectively for 1/3 of the debt each.
Each partner individually based on their pro-rata share of ownership.
Partner Mark for 100% of the debt.
A creditor can collect in any of the ways described above.
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