John and Jake are partners in a bowling alley. Business has been bad - 8143

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  • Posted on: Tue 17 Apr, 2012
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Request Description

John and Jake are partners in a bowling alley. Business has been bad lately, and they need more operating capital, so they invite Lisa to become a partner. What liability does Lisa have for partnership debts? 

 

A.  Her liability is limited to the amount she invested.

B.   She owes an equal share in all debts incurred after she became a partner.

 

C.   She owes an equal share of all partnership debts.

 

D.   She owes one third of all the partnership debts.

 

Solution Description

John and Jake are partners in a bowling alley. Business has been bad lately, and they need more operating capital, so they