Which of the following is true about liability of partners in a general partnership?
A) Partners have limited liability for the organization's debts.
B) Partners personal assets, which are not associated with the partnership, may not be claimed by the creditors.
C) From a creditor's perspective, the liability of each partner extends only to a pro rata share.
D) Any partner who has to pay beyond his pro rata share will have to make use of his future buyout interest.
E) A partner having unlimited liability will be jointly and severally liable for the partnership's obligations.
Correct Answer:
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