Question
Which business is the best example of a limited partnership? Joe and Darryl operate a music studio and both are personally liable for the debts
Which business is the best example of a limited partnership?
Joe and Darryl operate a music studio and both are personally liable for the debts of the business. Joe invested $30,000 in the business, while Darryl contributed the music studio and paid for certain equipment.
Ken and Sherry operate an ice cream parlor and both are personally liable for the debts of the business. Sherry invested the building in which the ice cream parlor operates. Ken works in the parlor serving ice cream and is not personally liable for the debts of the business. THIS IS NOT A TYPO ON MY PART.
John owns and operates a furniture store and is personally liable for the debts of the business. Paul, Jeffery, Steve, and Kim are all employed as salespeople and each owns an employee stock option with the business.
Michael operates a television repair shop and is personally liable for the debts of the business. Keith gave Michael $50,000 to open the business and now shares in the profits with him.
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