Gertrude and gerald are the general partners of a limited

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Reference no: EM13612873

Gertrude and Gerald are the general partners of a limited liability partnership called Real Estate Development, Ltd. ("REDL") Lin, Leopold, Lonnie, and Lawrence are limited partners of the limited partnership and have each invested $100,000 in REDL. The limited partnership borrows $2 million from City Bank. After six months, REDL goes bankrupt, still owing City Bank $2 million. The limited partnership has spent all its capital and is broke.

(a) How much of his or her investment will each limited partner lose? Why?

(b) Who is personally liable for the debt to City Bank?

Reference no: EM13612873

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