Laura and Gary have formed a limited partnership, with Gary agreeing to be the general partner. This

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Laura and Gary have formed a limited partnership, with Gary agreeing to be the general partner. This partnership has purchased supplies from Sam. Sam has received a promissory note signed on behalf of the partnership as payment. If the partnership is unable to pay this note, can Sam hold Gary personally liable? Explain.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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