In a partnership of Holly,Dolly & Molly,Holly commits fraud which creates a $9,000 liability to the partnership.If the three partners share profits and losses equally,Holly's liability to the partnership for her fraudulent act is $3,000.

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In a partnership, each partner is jointly and severally liable for the actions of the other partners if those actions are within the scope of the partnership's business. This means Holly would be personally liable for the entire $9,000, not just a third of it, due to her fraudulent act.

In a Partnership of Holly,Dolly & Molly,Holly Commits Fraud Which