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19 September, 06:02

Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you - - only your partner did. For how much of this debt are you legally liable?

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  1. 19 September, 09:06
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    whole of $100,000 fee

    Explanation:

    Partnership is a form of business agreement wherein two or more individuals mutually agree to share profits and losses in a certain ratio as per the clauses provided in the partnership deed.

    Except in limited liability partnership, partners liability is unlimited in the sense, in case of losses, personal assets of partners can be sold to pay off partnership debts or compensate in case of insolvency of other partners.

    In the given case, $100,000 fee represents partnership expense for which both parties are liable. In case one party fails to make the payment, the liability shall solely rest on the second party.
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