Multiple Choice
You form a partnership with your best friend.You have contributed 65% of the capital and can claim 65% of the net income.At the end of the first year,you discover that your partner has run up $40,000 in debt using the business' credit card.The maximum you could be liable for is:
A) $0.
B) $40,000.
C) $20,000.
D) $26,000.
Correct Answer:
Verified
Correct Answer:
Verified
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