Under the Uniform Partnership Act Regarding Personal Liability of Partners

question 84

Multiple Choice

Under the Uniform Partnership Act regarding personal liability of partners, if the partnership itself is liable, how is the allocation of personal liability distributed among the partners?

• A) If a partnership is liable, each partner has unlimited personal liability no matter how many partners.
• B) If a partnership is liable, each partner will pay only their allocation according to the partnership agreement.
• C) If a partnership is liable, no partner has personal liability.
• D) If a partnership is liable, each partner will share in the loss dependent on work allocations.
• E) Only the senior partners have unlimited personal liability, junior partners are not held liable.

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Definitions:

Serous Fluid

A clear, thin fluid that lubricates the surfaces between two membranes, reducing friction from muscle movement.

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A method or process of decreasing resistance between two objects or surfaces in contact, often to improve efficiency or prevent wear.

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A position or alignment where two lines or planes meet at a right angle or 90 degrees to each other.

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The part of the body's cavity housed within the chest, encompassing the lungs, heart, and part of the esophagus, among other organs.