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Jim and Rob are partners in a consulting business. Jim's initial contribution was $30,000, Rob's was $20,000. Emily is a limited partner who contributed $10,000. The partnership also borrows $60,000 from Vancouver Credit Union. The partners agree that profits and losses will be shared in proportion to their capital contributions. The business fails. Jim pays the entire $60,000 debt to the Vancouver Credit Union. How much can he collect from Emily?
A) $60,000
B) $30,000
C) $20,000
D) $10,000
E) Nothing
On Sep 23, 2024