A Third Party Cannot Sue One of the Partners of a Partnership

question 32

True/False

A third party cannot sue one of the partners of a partnership without suing all members of the partnership.

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Definitions:

Inventory

The complete inventory of products and materials that a company keeps for the aim of either selling them or using them in manufacturing.

Tangible Assets

Assets with a physical form such as machinery, buildings, and land that a company owns and uses in its operations.

Long-Term Debt

Refers to loans and financial obligations lasting over one year.

Intangible Assets

Non-physical assets that have value due to their attributes, such as intellectual property, goodwill, and brand recognition.