Which of the following is true under the Uniform Partnership Act regarding personal liability of partners for obligations of the partnership when the partnership itself is liable?
A) If a partnership is liable, each partner has unlimited personal liability.
B) If a partnership is liable, each partner only has personal liability in proportion to the number of partnership members.
C) If a partnership is liable, each partner only has personal liability in proportion to the way in which profits are allocated.
D) If a partnership is liable, each partner only has personal liability in proportion to the way in which losses are allocated.
E) Partners do not have personal liability for obligations of a partnership when the partnership itself is liable.
Correct Answer:
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