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Author Question: Norma and Janet decide to form a partnership to sell gourmet picnic baskets. To raise sufficient ... (Read 127 times)

Destiiny22

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on: Aug 7, 2021
Norma and Janet decide to form a partnership to sell gourmet picnic baskets. To raise sufficient capital, they convince their mothers to invest $5000 each as limited partners. Norma's mother is an experienced restaurateur and watches the new business with great interest. On several occasions, she advises Norma and Janet on the business and contacts former business associates to buy surplus stock. She even fills in by taking orders in the office when needed. A customer who was made ill by eating contaminated food from a tin can supplied in one picnic basket sues. What would be the liability, if any, of the mothers?
◦ A limited partner has her liability limited to the amount of her initial investment; therefore, neither mother has any further liability.
◦ Both mothers would have unlimited liability because they contributed money but not services as required.
◦ Because one mother lost her limited liability status, they both do.
◦ Norma's mother would have unlimited liability because she took part in the management of the business and thus becomes a general partner.
◦ Janet's mother would be liable for $10 000, twice the amount invested, because she failed to take part in the management of the business.
Legal Fundamentals for Canadian Business ¦ Yates ¦ 4th Edition
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Marked as best answer by Destiiny22 on Aug 7, 2021

jessofishing

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Reply #1 on: Aug 7, 2021
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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Destiiny22

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Reply 2 on: Aug 7, 2021
Thanks for the timely response, appreciate it

Liamb2179

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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