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You set up a consulting business with your classmates Bob and Carey. The new business was a partnership. Bob negotiated a loan with the local

You set up a consulting business with your classmates Bob and Carey. The new business was a partnership. Bob negotiated a loan with the local bank to renovate his personal cottage so that his family can spend summer holidays in the cottage. The business failed. Explain how liability works in a partnership and whether you and Carey are liable for the loan negotiated by Bob.

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