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    diyana manoga
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    Mohit and Vivian were partners in MDV & Co. with Vivian as a sleeping partner who did not participate. Danesh, 61, retired from the partnership 9 months ago. Now, the partnership has $500k in liabilities but insufficient assets to cover them.

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    Mohit and Vivian were partners in MDV & Co. with Vivian as a sleeping partner who did not participate. Danesh, 61, retired from the partnership 9 months ago. Now, the partnership has $500k in liabilities but insufficient assets to cover them.

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    © All Rights Reserved
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    9 views1 page

    Untitled

    Uploaded by

    diyana manoga
    Mohit and Vivian were partners in MDV & Co. with Vivian as a sleeping partner who did not participate. Danesh, 61, retired from the partnership 9 months ago. Now, the partnership has $500k in liabilities but insufficient assets to cover them.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Mohit, Danesh and Vivian are partners of a firm called MDV & Co.

    Vivian has always been a sleeping


    partner and has never participated in the running of the partnership business. Danesh, 61 years Old man
    retired from the partnership nine months ago. The partnership is now experiencing financial difficulties
    and has incurred liabilities amounting to $500,000. The assets of the partnership are insufficient to cover
    its liabilities.

    Required:

    (a) Explain the liability of Vivian as a sleeping partner

    (b) Explain the liability of Danesh as a retired partner.

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