Explain whether the creditors will prevail

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Reference no: EM131387505

Madison and Tilson agree to form a limited partnership with Madison as general partner and Tilson as the limited partner, each to contribute $12,500 as capital. No papers are ever filed, and after ten months the enterprise fails with liabilities exceeding assets by $30,000.

Creditors of the partnership seek to hold Madison and Tilson personally liable for the $30,000. Explain whether the creditors will prevail.

Reference no: EM131387505

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