Abel and Baker formed AB Partners, LP. Abel contributed $1,000 and became the managing general partner, and
Question:
Abel and Baker formed AB Partners, LP. Abel contributed
$1,000 and became the managing general partner, and Baker contributed $50,000 as a limited partner. AB Partners, LP, was successfully sued for an injury they caused to a third party. What is the potential personal liability for Abel and Baker, respectively?
a. $1,000/$50,000
b. Unlimited/$50,000
c. $0/$50,000
d. $0/$0
e. Unlimited/$0
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e Abel as a general partner has unlimit...View the full answer
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ISBN: 9780077614683
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Authors: Sean Melvin, David Orozco, F E Guerra Pujol
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