Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her partners share the excess losses. Does this relieve Kay of liability?
Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her partners share the excess losses. Does this relieve Kay of liability?
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 18DQ
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Kay, Kat, and Kim are partners. In a liquidation, Kay’s
share of
Moreover, she is unable to meet the deficit from her
personal assets, and her partners share the excess losses.
Does this relieve Kay of liability?
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