With respect to personal liability,which of the following strongly supports the need for each one of the partners to be aware of each and every obligation incurred by the partnership?

Question

Quizplus · Accepted Answer

Full and complete exposure means that each partner is fully accountable for all the obligations incurred by the partnership. Therefore, it strongly supports the need for each partner to be aware of all the obligations incurred because they will bear the full consequences of any decisions made by the partnership. Predetermined or proportional limited liability, on the other hand, might provide some protection for partners, but it does not necessarily alleviate the need for partners to be informed about the obligations of the partnership. Full and complete impunity would mean that partners are not held responsible for any of the obligations of the partnership, which is unlikely in most partnerships.

With Respect to Personal Liability,which of the Following Strongly Supports