Which Statement Is Correct Regarding the Liability of a Partner

question 16

Multiple Choice

Which statement is correct regarding the liability of a partner for a mistake?

• A) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is not held personally liable for the mistake.
• B) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent of his or her capital contribution.
• C) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent that he or she shares in profits.
• D) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held personally liable for the mistake, but only to the extent that he or she shares in losses.
• E) A partner who makes an honest mistake in fulfilling his or her responsibilities to the partnership is held fully personally liable for the mistake.

Grasp the impact of digital communication forms on business interactions and the role of messaging and instant messaging in professional settings.

Distinguish between various digital communication tools and identify the best practices for their use.

Acknowledge the importance of email message structure, including subject lines, and the implications of improper email use.

Understand the key aspects of managing communication through instant messaging to avoid common pitfalls.

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Definitions:

Partners

Individuals who share ownership and responsibilities in a business or law practice.

Profits

The financial gains obtained by a business after subtracting all expenses incurred.

Limited Liability Partnership

A partnership where some or all partners have limited liabilities, protecting each partner's personal assets from the debts and liabilities of the business.

Malpractice

Professional misconduct or negligence—the failure to exercise due care—on the part of a professional, such as an attorney or a physician.