Len,Jill,and Mark Own a Partnership Called Splats

question 35

Multiple Choice

Len,Jill,and Mark own a partnership called Splats.Len's capital contribution to the partnership was $25 000,Jill's was $12 500 and Mark's was $20 000.Jill is duly registered as a limited partner and has acted solely as a financier.There is no agreement on sharing profits or losses between the partners and none of them has drawn any income from Splats.The partnership borrowed $40 000 from the bank,but Splats eventually became insolvent and was unable to repay the loan.The bank sued Len and recovered the full $30 000 from him.When Len's lawyer gave him advice,what amount would he likely indicate Len is entitled to legally recover from Jill?

• A) $10 000
• B) $0
• C) $12 500
• D) $20 000

---

Definitions:

Percent Discount

A reduction from the original price of an item or service, typically expressed as a percentage of the original price.

Job Listings

Advertisements or postings that outline available job positions, typically including job requirements and how to apply.

Biweekly

Occurring every two weeks.

Dealership

A business authorized to sell a particular manufacturer's products, commonly used in the context of car sales.