In a general partnership:
A) Each partner is personally responsible for all of the ﬁrm's debt.
B) Each partner is responsible only for his/her portion of the ﬁrm's debt based on ownership percentage.
C) Each partner is liable only for the portion of the total debt he/she agreed in writing to pay.
D) Only the general partner is liable for the ﬁrm's debt.
E) None of the partners are personally liable for the ﬁrm's debt.

Question

Quizplus · Accepted Answer

In a general partnership, each partner is personally responsible for all of the firm's debt. This means that if the partnership cannot pay its debts, creditors can go after the personal assets of each partner to settle the debt.

In a General Partnership