Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik

Exercise 13

Read the following as well as any other published articles on the bankruptcy of the partnership of Laventhol Horwath:
"Laventhol Says It Plans to File for Chapter 11," The Wall Street Journal, November 20, 1990, p. A3.
"Laventhol Partners Face Long Process That Could End in Personal Bankruptcy," The Wall Street Journal, November 20, 1990, p. B5.
"Laventhol Bankruptcy Filing Indicates Liabilities May Be as Much as $2 Billion," The Wall Street Journal, November 23, 1990, p. A4.
Required
Write a report describing the potential liabilities that the members of a partnership could incur.