Bobby was one of several limited partners in a limited partnership called Typecast Limited Partnership, as well

Question:

Bobby was one of several limited partners in a limited partnership called Typecast Limited Partnership, as well as the sole shareholder and president of a corporation named Live Magazine Inc, which was the general partner of Typecast. In his capacity as president of Live Magazine, he acted as the manager of the limited partnership. On behalf of the limited partnership, Bobby negotiated a contract with Gold Dust Graphics Ltd to supply printing services worth $50 000. GoldDust paid the $50 000 to Typecast, but the limited partnership failed to perform the services. Gold Dust sued the limited partnership and got a judgment for $50 000, only to discover that neither Typecast nor the general partner, Live Magazine, has any assets. Can Gold Dust seek to recover its $50 000 from Bobby?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... 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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