Question: Tinker was a limited partner in Evers & Chance Limited Partnership. Evers & Chance were the firm's general partners. Tinker had invested $50,000 in the

Tinker was a limited partner in Evers & Chance

Tinker was a limited partner in Evers & Chance Limited Partnership. Evers & Chance were the firm's general partners. Tinker had invested $50,000 in the limited partnership. Chance and Evers had each invested $10,000. Originally Evers & Chance had done all the managing of the partnership business. AS time went on, however, Tinker became involved, along with Evers and chance, in management of the firm's business activities. After this change in responsibility for management had taken place, Evers, while in the course of partnership business, negilgently caused crippling injuries to Cobb. Assume Cobb's tort claim is a valid one worth at least $500,000, an amount easily in excess of not only the initial contributions to the partnership but also the values of all partnership property and assets. What is the extent, if any, that Tinker, Evers, and Chance respectively may have to Cobb? O a. Tinker is a limited partner and only liable for $50,000 o b. Tinker has unlimited liability because he became a General Partner when he took part in the management of the partnership and is liable for $500,000 O C. Tinker is not liable because Evers is responsible for his own actions. O d. None of the above

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!