Question

A partnership owned equally by 13 partners is worth 1.3 million. The partnership loses a lawsuit worth 3 million. what is the value of any personal property each partner must forfeit to pay the settlement?

Answer 1

In a partnership owned equally by 13 partners, each partner would need to forfeit $230,769.23 of their personal property to pay a $3 million settlement.

Step-by-step explanation:

In a partnership owned equally by 13 partners, the total value of the partnership is $1.3 million. If the partnership loses a lawsuit worth $3 million, the partners will need to cover the settlement amount. Since the partners are equally responsible, each partner will need to forfeit a portion of their personal property to pay the settlement.

To find the value of the personal property each partner must forfeit, we can divide the total settlement amount of $3 million by the number of partners, which is 13. This gives us $230,769.23, which is the amount each partner would need to forfeit to pay the settlement.

Answer 2

Since they all take the blame equally, you just need to divide 3 million across 13 people and you'll see that they have to pay 230769.23 each. Since they own it all equally, they will have to pay equal amounts. Since they all have a 100000 worth of company property, they would lose all 100000, and would have to pay up a 130778.23 more.