Chuck Borris invested $250,000 for a limited partnership share in Kong-Foo, a company that distributes antique furniture. Which of the following statements is correct?
A. Chuck has unlimited personal liability for the debts of the partnership.
B. Chuck may participate in management of Kong-Foo without losing his limited liability.
C. Chuck's liability for partnership debts is limited to $250,000.
D. Chuck is not liable for any amount owed to creditors if he does not contribute services to the partnership.
Answer: C. Chuck's liability for partnership debts is limited to $250,000.
Business
You might also like to view...
In synthesization, decision alternatives are prioritized ________ criteria/ion
A) within some B) among some C) among all D) within each
Business
There is no relationship between variables unless the data points lie in a straight line
Indicate whether the statement is true or false
Business