lamb organized limited partnership and only general partner maxi invested 20000 partnership

chcccs023
August 23, 2021
parenting practices over generations 11
August 23, 2021

lamb organized limited partnership and only general partner maxi invested 20000 partnership

Lamb organized a limited partnership and is the only general partner. Maxi invested $20,000 in the partnership and was admitted as a limited partner with the understanding that she would receive 10% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, partnership liabilities were $85,000 larger than partnership assets. How much money can the partnership’s creditors obtain from Maxi’s personal assets to satisfy the unpaid partnership debts?
 
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