Cindy was a limited partner in the jkl limited partnership. because of her expertise in this type of business, cindy was asked to take care of day-to- day operations of the partnership. jkl had two primary creditors, smith supply co. and jones discount. smith knew that cindy was a limited partner, but jones thought that cindy was a general partner. due to unforeseen economic conditions, jkl went bankrupt owing both smith and jones large amounts of money. both smith and jones sue cindy as a general partner. to what extent is cindy liable to them?

Jennifer purchased a house in a brand new development in the outskirts of town. when her house was built, the nearest fire department was nearly 20 miles away. as her neighborhood developed, the density of the community called for a new fire department 1.5 miles away. what effect will the new fire station have on her homeowners insurance premium? a. a new fire department will be more demanding on local taxes. her annual premium will go up. b. the location of a fire department has no bearing on the value of her house. her annual premium will stay the same. c. the new fire department will reduce the risk of financial loss in her home. her annual premium should decrease. d. with a fire department so close (less than 5 miles), financial risk on jennifer’s home practically disappears. she will not need to pay insurance anymore.