Randy, Mona, and Richard Are Partners

question 9

True/False

Randy, Mona, and Richard are partners. Under the UPA, a creditor of their partnership must name all three partners as defendants in a suit on a contract obligation of the partnership.

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Definitions:

Debtor

An individual or organization that owes money to another entity.

Trustee

An individual or organization that holds and administers property or assets for the benefit of a third party.

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific moment in time, detailing assets, liabilities, and equity.