Dutch, Bill and Heidi were equal partners in a lawn care business. Bill and Heidi wanted to borrow money from the bank to buy more trucks and expand the business. Dutch was dead set agains the idea. When the matter came to a vote, Bill and Heidi voted in favor, Dutch against. Dutch was so annoyed that he told the bank not to lend the money and, further, that he would not be responsible for repaying the loan. The bank loaned the money, the business failed, and the bank sued all three partners. Is Dutch liable for the loan

Question

Marie Ali

Business

8 December, 21:08

Dutch, Bill and Heidi were equal partners in a lawn care business. Bill and Heidi wanted to borrow money from the bank to buy more trucks and expand the business. Dutch was dead set agains the idea. When the matter came to a vote, Bill and Heidi voted in favor, Dutch against. Dutch was so annoyed that he told the bank not to lend the money and, further, that he would not be responsible for repaying the loan. The bank loaned the money, the business failed, and the bank sued all three partners. Is Dutch liable for the loan

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Ashanti Arnold · Answer 1

Yes, because all three were equal partners in the said business and when the decision was to be made, a greater majority (Bill and Heidi) voted in favor of getting the loan.

Dutch also is thus, liable for the said loan. He ought to have opted out of the partnership if he was dead serious and he would have gotten a fair share of dividends from the said partnership and left the duo to work together