Question: 2 3 . Tom, Dick, and Harry were the three shareholders in Crazyco, an incorporated company with limited liability. Each held one - third of

23. Tom, Dick, and Harry were the three shareholders in Crazyco, an incorporated company with limited liability. Each held one-third of the shares in Crazyco. Crazyco borrowed $60,000 from the bank to finance its operations. Each had to personally guarantee the full amount of the loan. The business didn't work out and Crazyco was unable to repay the loan. The bank sued Crazyco, and learned that it had no assets. The bank then sued Tom, Dick, and Harry to recover the $60,000.
The maximum amount that it could recover from any one of them was _____.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!