The partnership defaulted on the note. After the property was sold, a deficiency of $920,000 was left.
These events took place in Texas. Under Texas law general partners of a limited partnership are personally liable to creditors for the limited partnership's debts the same as a partner in a general partnership.
Clinton argues that because the guarantee limits his liability to 25% of the indebtedness, his liability as general partner is similarly limited. How do you think the court should rule?
Recently Asked Questions
- You are given the following information: Assume each state of the economy is equally likely to happen. Calculate the expected return of each of the
- The theory of comparative advantage states that there are gains from trade if countries specialize and optimize their opportunity costs. Why is comparative
- *Please show all work! General Question/Exercise 21-6 Marble Falls Corporation participated in a simultaneous investing and financing transaction where it