ABC are equal owners of a limited liability company that incurs a $1 million recourse loan to purchase loan to purchase property. A and B each agree to guarantee 50% of the $1 million liability. C agrees to indemnify A and B if either are called on the guarantees, but only to the extent of $200,000 each.

Answer rating: 100% (QA)

A partner s share of a recourse partnership liability equals the portion of that liability if any fo... View the full answer