Business, 24.12.2021 02:10 taylorray0820

Sam and Dave are going to open a sporting goods store. They sign a written limited partnership agreement naming Dave as a limited partner and Sam as the general partner. Sam files a certificate of limited partnership with the state. Sam contributes $100,000 toward the start-up, while Dave contributes $200,000. They agree to split profits evenly because Sam will be working in the store and operating the day-to-day business. About a month after they open, the business is not doing well, so Dave starts becoming more involved. Soon he is requiring that Sam approve all purchases with him, and Dave is actively directing Jack, the sole other employee. One day, Geoff, a customer, is injured when a bowling ball falls off a shelf and shatters his foot. Geoff sues and is awarded a judgment of $1 million. a. As this was a limited partnership, Sonya is liable for $800,000 and Davi is liable for $200,000
b. whoever negligently secured the bowling ball on the shelf is liable for the $1 million liability.
c. Sonya and Davi are each liable for up to $500,000.
d. Under the circumstances, Sonya and Davi are both jointly and severally liable for the full $1 million.

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Sam and Dave are going to open a sporting goods store. They sign a written limited partnership agree...

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