Business, 19.05.2020 13:09 brinicole1011

Ernie the entrepreneur is looking to open a trendy coffee shop that he plans to call 'Java Joe's Joint'. He needs to raise some money and forms a general partnership to operate the business. Amy, Ben, Caroline, and Dan come on board as partners in the Java Joe Partnership with Ernie and each of the 5 partners invests $50,000. Each partner owns a 20% interest in Java Joe Partnership but only Ernie is actively involved in the operation of the coffee shop. The Partnership enters into a 5-year lease for space to operate the coffee shop. After 9 months it is clear that the coffee shop is unsuccessful and shuts its doors. If the landlord sues the Partnership and each of the partners for breach of the lease, which of the following is true?
a. The landlord can recover damages for breach of the lease from the assets of the partnership but the individual partners are not personally liable for the judgment.
b. Unless the partners personally signed a guarantee of the lease, they cannot be held liable for damages for breach of the lease.
c. Because Ernie was the driving force in this project, he will be personally liable for damages for breach of the lease but the other partners are not liable.
d. The landlord can recover damages for breach of the lease from the five partners.

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Ernie the entrepreneur is looking to open a trendy coffee shop that he plans to call 'Java Joe's Joi...

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