Cengage Advantage Books: Introduction to Business Law 4th Edition by Timothy Koch, Jeffrey Beatty, Jeffrey Beatty, Susan Samuelson, Susan Samuelson

Exercise 1

The Logan Wright Foundation (LWF), an Oklahoma corporation, was a partner in a partnership formed to operate two Sonic drive-in restaurants. LWF argued that it was not responsible for Sonic's taxes because LWF was merely a limited partner, with limited liability to the partnership's creditors, including the IRS. The partnership had never filed a certificate of limited partnership with the Secretary of State. Is LWF liable to the IRS