Question

You form a partnership with your best friend. You have contributed 65% of the capital and can claim 65% of the net income. At the end of the first year, you discover that your partner has run up $40,000 in debt using the business' credit card. The maximum you could be liable for is:

A) $0.

B) $40,000.

C) $20,000.

D) $26,000.

Answer

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