Partnerships Which business is the best example of a limited partnership? Joe and Darryl operate a music studio and are both personally liable for the debts of the business. Ken and Shery operate an ice cream parlor and are both personally liable for the debts of the business. Susan works in the parlor serving ice cream and is not personally liable for the debts of the business. Michael operates $50,000 to open the business and now shares in the profits with him. Keith will only be out his $50,000 if the business a television repair shop and is personally liable for the debts of the business. Keith gave Michael fails. John owns and operates a furniture store and is personally liable for the debts of the business. Paul works in the store as a salesman and is not personally liable for the debts of the business. Mark for follow up Neckole owns a 50% interest in partnership J&K. She contributes a computer system with a FMV of S 15,000 and an adjusted basis of $10,000 to the partnership. Which of the following is true? The