Messitt and McNulty spend 50,000 each to form a law partnership. On the first day someone trips over a potted plant in their lobby and sues them for 400,000 . Which of the following is true?
a. If a 400,000 judgment is against the partnership, then each partner will have to pay 200,000.
b. If a 400,000 judgment is against the partnership and if McNulty cannot afford to pay any of it, then Messitt is liable for 400,000.
c. Messitt's liability is limited to 300,000 because she owns three quarters of the firm.
d. Each individual partner cannot be sued for more than 200,000.
e. Only McNulty is personally responsible for the damages because he was the one who put the potted plant in the office.
Question 2
All of the following are advantages of partnerships except one. Which is the exception?
a. they are relatively easy to start
b. their profits are taxed once as personal income
c. their liability is limited by each partner's share of the business
d. a greater opportunity for specialization by the owners
e. a continuation of the firm if one partner dies
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