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Identify the names of the partnership principles

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Thomas, Ron, and Jack are operating their construction business as a general partnership. Jack is the general partner. The partnership agreement provides that Thomas will be entitled to 40% of the partnership profits and losses, Ron will be entitled to 50% of the partnership profits and losses, and Jack is entitle to 10% of the partnership profits and losses. Without the other partners' knowledge or approval, Ron has been purchasing materials fromt he aprtnership's routine supplier that Ron intends to use at his personal residence. The bill for $20,000 has arrived at the partnership's offices. Who has liability to pay this bill to the supplier? Why? fully and identify the names of the partnership principles that govern this

Reference no: EM133214729

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