The partnership experienced serious financial difficulties


A limited partnership was formed consisting of Webster as the general partner and Stevens and Stewart as the limited partners. The limited partnership was organized in strict compliance with the limited partnership statute. Stevens was employed by the partnership as a purchasing agent. Stewart personally guaranteed a loan made to the partnership.

Both Stevens and Stewart consulted with Webster about partnership business, voted on a change in the nature of the partnership business, and disapproved an amendment to the partnership agreement proposed by Webster.

The partnership experienced serious financial difficulties, and its creditors seek to hold Webster, Stevens, and Stewart personally liable for the debts of the partnership. Who, if any, is personally liable?

Request for Solution File

Ask an Expert for Answer!!
Management Theories: The partnership experienced serious financial difficulties
Reference No:- TGS02184163

Expected delivery within 24 Hours