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Question: Mike, Rebecca, and Noah agree to purchase and operate a property as a permanent investment. Mike and Rebecca each contribute $50,000. Noah contributes $30,000 and agrees to run the day-to-day operations of the business, which they call "Property Group Partners." Neither Mike nor Rebecca has any right to participate in the operation of the venture. Based on these facts, if the property collapses, resulting in injury and property damage worth $275,000, what will be Mike's liability?

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Category:- Basic Finance
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