In a General Partnership, the General Partners Have Unlimited Personal

question 156

True/False

In a general partnership, the general partners have unlimited personal liability for the debts of the business.

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Definitions:

Written Agreement

A legally binding contract documented in written form between two or more parties.

Sole Benefit

Refers to a financial or legal benefit intended exclusively for an individual or specific party.

Bailee

An individual or entity given temporary possession but not ownership of personal property by a bailor.

Bailed Property

Property given into the custody of another, termed the bailee, for a specific purpose under a contract.