Alexei, Iulia and Leonid are partners in a commandite partnership. Alexei is the investing partner, having contributed capital of 500.000 roubles to the business under the partnership agreement. Iulia and Leonid are general partners. The partnership agreement states that all business will be carried out within the city boundaries of Moscow and that any transaction valued in excess of 750.000 roubles must be sanctioned by both general partners.Iulia has agreed to purchase raw materials from a company in Ekaterinberg in the name of the partnership for 1.000.000 roubles and has signed a contract with the seller to confirm this. On discovering the transaction, Leonid refused to sanction the payment. Iulia immediately resigned from the partnership in protest at Leonid’s action.Required:

(b) In the event that the partnership is dissolved before the matter is resolved, explain the potential personal liabilities of the partners for the transaction that Iulia has carried out. (5 marks)