Under the Uniform Partnership Act regarding personal liability of partners, if the partnership itself is liable, how is the allocation of personal liability distributed among the partners?
A) If a partnership is liable, each partner has unlimited personal liability no matter how many partners.
B) If a partnership is liable, each partner will pay only their allocation according to the partnership agreement.
C) If a partnership is liable, no partner has personal liability.
D) If a partnership is liable, each partner will share in the loss dependent on work allocations.
E) Only the senior partners have unlimited personal liability, junior partners are not held liable.

Question

Quizplus · Accepted Answer

Under the Uniform Partnership Act, each partner has unlimited personal liability for the debts and obligations of the partnership, regardless of the number of partners. This means that each partner can be held personally liable for the full amount of the partnership's liabilities.

Under the Uniform Partnership Act Regarding Personal Liability of Partners