Question: Fancher organized a limited partnership and is the only general
Fancher organized a limited partnership and is the only general partner. Carley 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 Carley’s personal assets to satisfy the unpaid partnership debts?
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