Which of the Following Statements Is True of Liability of Partners

question 51

Multiple Choice

Which of the following statements is true of liability of partners in a general partnership?

• A) Partners have limited liability for an organization's debts.
• B) Partners' personal assets, which are not associated with the partnership, may not be claimed by the creditors.
• C) From a creditor's perspective, the liability of each partner extends only to a pro rata share.
• D) A partner who has to pay beyond his pro rata share will have to make use of his future buyout interest.
• E) A partner having unlimited liability will be jointly and severally liable for the partnership's obligations.

Understand the importance of conducting research (primary or secondary) in preparing effective business documents.

Recognize the importance of employing specific transitional words to indicate the nature of relationships among ideas.

Understand the concept of sentence structure, including compound and complex sentences.

Recognize and correct dangling or misplaced modifiers in sentences.

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Definitions:

SWOT Analysis

A strategic planning technique used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.

Competitive Environment

A market scenario where businesses compete against each other for customers, market share, and profitability.

Effective Goals

Objectives that are clearly defined, measurable, achievable, relevant, and time-bound, assisting in guiding motivation and measuring progress.

Measurable

Capable of being quantified or expressed as a numerical value to assess the size, amount, or degree of something.