General partners have unlimited personal liability for the debts and obligations of the partnership.

Question

Quizplus · Accepted Answer

General partners are personally responsible for the debts and obligations of the partnership, which means their personal assets may be used to pay off any outstanding debts or obligations. This is different from limited partners, who have limited liability and are only responsible for the amount of money they invested in the partnership.

General Partners Have Unlimited Personal Liability for the Debts and Obligations