Johnson,Michael & Associates is a partnership of accountants.One evening,Bosco,the truck driver for the firm,during the course of performing his duties,gets into an accident with James.James is injured and later commences a personal injury action against the partnership.James obtains judgment of $250 000 against the partnership.The partnership is not insured and has only $150 000 in its account.James may recover the balance of $100 000 from the personal assets of any of the individual partners.

Question

Quizplus · Accepted Answer

In a partnership, each partner is personally liable for the obligations and debts of the partnership, and James may recover the balance of $100 000 from the personal assets of any of the individual partners.

Johnson,Michael & Associates Is a Partnership of Accountants