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The Pratt-Logan partnership is terminated when creditor claims exceed partnership assets by $40,000. Logan is a mlonaire and Pratt has no personal assets. Pratt's partnership
The Pratt-Logan partnership is terminated when creditor claims exceed partnership assets by $40,000. Logan is a mlonaire and Pratt has no personal assets. Pratt's partnership interest is 75% and Logan's is 25%. Creditors a. must collect their claims equally from Logan and Pratt. b. may collect the entire $40,000 from Logan. c. must collect their claims 75% from Pratt and 25% from Logan. d. may not require Logan to use his personal assets to satisfy the $40,000 in claims
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