Read the following as well as any other published articles on the bankruptcy of the partnership of Laventhol & Horwath:

"Laventhol Says It Plans to File for Chapter 11," The Wall Street Journal, November 20, 1990, p. A3.

"Laventhol Partners Face Long Process That Could End in Personal Bankruptcy," The Wall Street Journal, November 20, 1990, p. B5.

"Laventhol Bankruptcy Filing Indicates Liabilities May Be as Much as $2 Billion," The Wall Street Journal, November 23, 1990, p. A4.

Required

Write a report describing the potential liabilities that the members of a partnership could incur.