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The Butkus, Sayers, and Halas partnership is terminated when the claims of company creditors exceed partnership assets by $50,000. The capital balances for Butkus, Sayers, and Halas are $35,000, $5,000, and $0, respectively. The original claims of the creditors were negotiated by Sayers and Halas. Which partner(s) is(are) personally and individually liable for all partnership liabilities?
Substitute
A person or thing acting or serving in place of another, often used in employment or ingredient contexts.
Credit Device
A mechanism or tool, such as a credit card or loan, that extends credit to borrowers for purchases or cash advances.
Nonnegotiable
Nonnegotiable describes an item that cannot be transferred or endorsed to another party, often because it is final and not open for discussion or modification.
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