Ken, Keith and Brandy form a limited partnership to operate a lawn care business. Brandy invests the start-up capital and is a limited partner. Ken and Keith are general partners who operate the business on a daily basis. While mowing the lawn of a wealthy physician, a rock is thrown into an imported stained glass window valued at over $20,000.00. The physician sues Ken, Keith and Brandy, claiming that they are personally liable for the debts of their partnership. Which, if any, partners could have personal assets at risk and which, if any, would not.
Running Head: LIMITED PARTNERSHIP VS. GENERAL PARTNERSHIP Limited Partnership vs. General PartnershipStudent NameInstitution 1 LIMITED PARTNERSHIP VS. GENERAL PARTNERSHIP 2 Limited Partnership…
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