Brothers Inc., a partnership firm, consisted of three partners Jim, Mark, and Jake. However, Jim was declared bankrupt by the court and the company suffered considerable losses during the same time. Which of the following is likely to be true in this scenario?
A) Jake and Mark can declare the firm to be bankrupt.
B) Jim is automatically exempt from liabilities.
C) Jake and Mark can enforce the liability on Jim.
D) Jim can continue to be a partner in the firm.

Question

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The Answer of Brothers Inc., a partnership firm, consisted of three partners Jim, Mark, and Jake. However, Jim was declared bankrupt by the court and the company suffered considerable losses during the same time. Which of the following is likely to be true in this scenario?
A) Jake and Mark can declare the firm to be bankrupt.
B) Jim is automatically exempt from liabilities.
C) Jake and Mark can enforce the liability on Jim.
D) Jim can continue to be a partner in the firm.