Alvin is a limited partner in ABC Partnership. He has invested $300,000.00 in the partnership through his
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Alvin is a limited partner in ABC Partnership. He has invested $300,000.00 in the partnership through his corporation XYC Corp. It has come to Alvin's attention that Mary, one of the partners, encumbered the partnership into a debt valued at $1 million. The lender wants to be paid as soon as possible, but the partnership does not have the full sum.
Will all of Alvin's invested sum be used to pay the lender to avoid legal action by the lender, or simply a portion of it?
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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