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Tyran Lobell and Scotti Wand Are Equal General Partners in the Gift

Question 3

Multiple Choice

Tyran Lobell and Scotti Wand are equal general partners in The Gift Shop.Tyran contributed 80% ($80,000) of the required funds to start the partnership and Scotti contributed 20% ($20,000) .Scotti carries out 75% of the day to day operations of the business.Which of the following is accurate with respect to the partners' liability exposure?


A) Scotti is liable for 75% of any claims made.
B) Tyran is liable for 80% of any claims made.
C) Any claims against the business will be limited to $100,000.
D) The partners have equal and unlimited liability in the business.

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