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Rey and Ting were partners in Commercial Properties, GP. The business had two prosperous years, but then the following year experienced substantial losses, and has
Rey and Ting were partners in Commercial Properties, GP. The business had two prosperous years, but then the following year experienced substantial losses, and has suddenly found itself in great debt. Which of the following is true about the two partners Rey & Ting?
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Ting can sue Rey for the debt incurred.
Both partners have limited liability for the partnership debts
Rey can sue Ting for the debt incurred.
Both partners have unlimited personal liability for the debts of the partnership.
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