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1. A partnership whose primary purpose is to manufacture things or to provide business is a professional, entrepreneurial, trading, or non-trading.

2. May is one of three limited partners in a limited partnership. Each limited partnership made a capital contribution of $50,000. Assume there is a judgement against the partnership for $300,000 and that both the partnership and the general partner are insolvent. What is the maximum amount that May will have to pay on the judgement?

a. $0.00: May is a limited partner so had no liability for the debts of the partnership under any circumstances.

b. $50,000: May's capital contribution can be applied to the debt, but she is not personally liable beyond that.

c. $100,000: May will be liable for 1/3 of the judgement since there are three limited partners.

d. $300,000: As a limited partner, May had a joint and several liability for the debts of the partnership so she could be personally liable for the full amount.

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