Question: 20.A, B, C, D and E are partners in ABC limited partnership. Both C and D are limited partners while E is an industrial partner.

20.A, B, C, D and E are partners in ABC limited partnership. Both C and D are limited partners while E is an industrial partner. D is appointed as managing partner. The partnership became insolvent. Unpaid partnership liabilities amounted to P6M after exhaustion of partnership's assets. How much may the unpaid partnership creditor collect form the partners?

a.1.2M each from A, B, C, D and E c. 2M each from A, B and E

b.3M each from A and B d. 1.25M each from A and B

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 Law Questions!