Unlimited Personal Liability of Each General Partner for Partnership Debts

question 17

True/False

Unlimited personal liability of each general partner for partnership debts is a disadvantage of the partnership form of business.

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Definitions:

Montgomery Ward

An American retail company that played a significant role in shaping the modern department store and mail-order catalogue businesses.

Singer Sewing Machines

Brand of sewing machines first established in 1851, known for its pivotal role in the development of the garment industry.

Kodak

A technology company historically known for its significant contributions to photography and imaging industries through the development of photographic films and cameras.

Industrial Capitalism

Economic system characterized by private or corporate ownership of capital goods, investments determined by private decision, and prices, production, and the distribution of goods determined mainly by competition in a free market.