QUESTION 27 Kim, the owner of Kim's Convenience, decides to offer Simu, his full-time employee that manages the store, 35% of the business in exchange for $15,000. Simu agrees but insists on a limited partnership agreement since he does not want to be responsible for the unlimited liability that a general partner would have. Kim agrees and they draft a limited partnership agreement stating that Simu is the limited partner and Kim is the general partner. Based on this agreement, which of the following is true: O Kim will exclusively liable as the majority owner O Kim and Carine Simu split liability, 65% and 35 %, respectively, equal to their individual contribution O Simu will be exclusively liable because he total control of the day-to-day operation of the partnership. Kim and Simu will both be jointly and severally liable because, even though Simu claims to be a limited partner, his involvement in the management and operation of the business exposes him to the same liability as a general partner.