Under the Uniform Partnership Act, in regard to an agreement with a third party, which of the following is true under the regarding personal liability of partners for obligations of the partnership?
A) If the partnership is liable, each individual partner has unlimited personal liability.
B) If the partnership is liable, each individual partner only has personal liability in proportion to the number of partnership members.
C) If a partnership is liable, each individual partner only has personal liability in proportion to the way in which profits are allocated.
D) If a partnership is liable, each individual partner only has personal liability in proportion to the way in which losses are allocated.
E) Individual partners do not have personal liability for obligations of a partnership.
Correct Answer:
Verified
Q2: Which of the following terms is used
Q4: Which of the following is defined as
Q37: Which of the following is true regarding
Q39: Unless it is otherwise agreed in the
Q40: Which of the following does the duty
Q44: Which of the following is true if
Q45: Under which of the following circumstances may
Q46: Which of the following was the ruling
Q47: Unless otherwise agreed by the partners, where
Q48: For which of the following reasons may
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents