Which of the following strongly supports the need for each one of the partners to be aware of each and every obligation incurred by their partnership with respect to personal liability?
A) full and complete exposure
B) predetermined limited liability
C) proportional limited liability
D) full and complete impunity

Question

Quizplus · Accepted Answer

Full and complete exposure means that each partner is fully responsible for any and all obligations incurred by the partnership, including personal liability. This emphasizes the importance of each partner being aware of all obligations, as they will be held accountable for them. Options B, C, and D all imply some form of limited liability, meaning that partners may not be fully responsible for all obligations incurred by the partnership, which reduces the urgency of being aware of each obligation.

Which of the Following Strongly Supports the Need for Each