The Revised Uniform Partnership Act Mandates That with Regard to Partnership

question 20

Multiple Choice

The Revised Uniform Partnership Act mandates that with regard to partnership debts and liabilities,general partners are:

• A) not personally liable for non-debt liabilities which may only be charged to the partnership but personally liable for debts.
• B) personally jointly liable for unpaid debts and liabilities.
• C) personally jointly and severally liable for unpaid debts and liabilities.
• D) not personally liable for debts or liabilities which may only be charged to the partnership

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Definitions:

Tenancy By The Entirety

A form of joint property ownership reserved for married couples, where each spouse has an undivided interest in the property, providing rights of survivorship.

Fee Simple Absolute Ownership

The most complete form of ownership of real estate, conferring unlimited use, control, and inheritance rights.

Tenancy In Common

A form of co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

Real Property

Land and anything permanently attached to it, such as buildings and structures, differentiated from personal property which can be moved.