Hart and Grant formed Hart Limited Partnership. Hart put in a capital contribution of $20,000 and became
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in a capital contribution of $20,000 and became a general partner.
Grant put in a capital contribution of $10,000 and became a
limited partner. During the second year of operation, a third
party filed a tort action against the partnership and both partners.
What is the potential liability of Hart and Grant respectively?
$20,000 and $0.
$20,000 and $10,000.
Unlimited liability and $0.
Unlimited liability and $10,000.
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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