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You set up a consulting business with your classmatesBob and Carey.The new businesswas a partnership.Bobnegotiateda loanwith the local banktorenovatehispersonalcottageso that his familycan spend summer holidays

You set up a consulting business with your classmatesBob and Carey.The new businesswas a partnership.Bobnegotiateda loanwith the local banktorenovatehispersonalcottageso that his familycan spend summer holidays in the cottage.The businessfailed.Explain how liability works in a partnership and whether you and Carey are liable for the loan negotiated by Bob.(10 marks)

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