Which one of the following statements is true regarding a partner's personal liability for partnership assets?
A) LLC members can never be liable for entity debts.
B) In a limited partnership, all partners have limited liability for partnership debts.
C) In a limited liability partnership, a partner might be subject to liability for other partners' malpractice.
D) In a general partnership, all partners are liable for entity debts.
E) None of these statements is true.

Question

Quizplus · Accepted Answer

In a general partnership, all partners are jointly and severally liable for the debts of the partnership. This means each partner can be held responsible for the full amount of any debts incurred by the partnership.

Which One of the Following Statements Is True Regarding a Partner's