prepare a written responsewendell and louise are 5050 partners in a small business the total ass

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Question

Wendell and Louise are 50/50 partners in a small business; the total assets of the business are $600,000. The business has been sued by a customer; the customer is seeking damages of $950,000. Wendell and Louise do not have insurance to pay for these damages. Wendell's personal net worth is $100,000 (outside of the business) and Louise's personal net worth (outside of the business) is $450,000. What resources can be used to pay the customer $950,000 in the event the business is found liable? Why?

          Wendell and Louise are 50/50 partners in a small business; the total assets of the business are $600,000. The business has been sued by a customer; the customer is seeking damages of $950,000. Wendell and Louise do not have insurance to pay for these damages. Wendell's personal net worth is $100,000 (outside of the business) and Louise's personal net worth (outside of the business) is $450,000. What resources can be used to pay the customer $950,000 in the event the business is found liable? Why?

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