Business Damages Assignment | Homework For You
Chip goes into business with two friends (named A and B) from the Honors program after graduation. Unfortunately, B is very negligent (e.g. could be harassment, professional malpractice, etc.) and injuries someone in the course of business. Chip was in no way negligent himself. Nonetheless, the injured party can prove $1,000,000 in damages and is now seeking to recover.
1. If Chip, A, and B are operating as a general partnership, how much (a) is Chip liable for (b) is A liable for, (c) is B liable for, and (d) is the general partnership liable for?
2. If Chip, A, and B, are operating as an LLC, how much is (a) is Chip liable for (b) is A liable for, (c) is B liable for, and (d) is the LLC liable for?Get Finance homework help today