Actively involved in day-to-day activities within business

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Reference no: EM131558801

Scott and Jennifer opened a small donut shop within walking distance of UCSB. They decide to operate the business as a general partnership since they both were actively involved in the day-to-day activities within the business. After 15 months, the business was left with outstanding bills of $87,500, far more than their initial investment in the company, and as a result they were forced to close the business. The failure of the business means that Scott and Jennifer will:

A. Lose their personal assets as the result of their company's failure.

B. Lose only the funds they originally invested in their company.

C. Lose only the total value of the assets actually used to operate the business.

D. Avoid any personal liability for the debts of the partnership.

Reference no: EM131558801

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