Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon
Solved

Mumtaz, Badia and Ilya Are Partners in a Business Partnership

arrowarrow
Question 48
Multiple Choice
arrowQuestion 48arrow
Multiple Choice

Mumtaz, Badia and Ilya are partners in a business partnership, called MBI. Mumtaz contributes $15,000 to the business, Badia contributes $10,000 and Ilya contributes $5,000. There is no agreement of how they will share partnership profits and losses. In addition, the partnership borrows A $30,000 from the bank. The business doesn't work out, and MBI is unable to repay the loan. The bank sues Mumtaz personally. The amount Mumtaz can legally recover from Ilya is:


A)nothing
B)$5,000
C)$10,000
D)$15,000
E)$30,000

Choose question tag
close menu

10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes.

Business

Explore our library and get Business Law Homework Help with various study sets and a huge amount of quizzes and questions

Get Free Access Now!
Textbook Solutions
Textbook Solutions

Find all the solutions to your textbooks, reveal answers you would’t find elsewhere

Find Solutions
Search By Image
Search By Image

Scan any paper and upload it to find exam solutions and many more

Flashcards
Flashcards

Studying is made a lot easier and more fun with our online flashcards

Find Flashcards