- 5 Marks
BL – Nov 2013 – L1 – SB – Q5c – Partnership Law
Advising partners on the liability for partnership debts.
Question
Yaya and Omegie contributed money to do business together and they both invited Obi to join them in the business. The firm traded for four years without making a profit but incurred a huge debt of N45,000,000. Yaya wants to leave the business and the debts to Omegie and Obi to pay.
You are required to:
Advise Omegie, Yaya, and Obi. (5 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Debt Obligation, Joint Liability, Partnership Law
- Level: Level 1
- Topic: Partnership Law
- Series: NOV 2013
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