Should partners of a business be held personally liable for the debts of the business, or should their business activities and debts be kept separate from their personal activities?
John and Jeff formed a partnership and started selling cookies based on a secret recipe they created. After one year of strong sales, Jeff left the company with $30,000 cash and was never heard of again. Now, the creditors are requesting payment from John to satisfy a loan Jeff signed. If John can?t make the payments from what is left in the business, who will the bank look to for payment?
This question was answered on: Jul 11, 2017
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