Which of the Following Is True Under the Uniform Partnership

question 55

Multiple Choice

Which of the following is true under the Uniform Partnership Act regarding personal liability of partners for obligations of the partnership when the partnership itself is liable?

• A)If a partnership is liable,each partner only has personal liability in proportion to the number of partnership members.
• B)If a partnership is liable,each partner only has personal liability in proportion to the way in which losses are allocated.
• C)If a partnership is liable,each partner has unlimited personal liability.
• D)Partners do not have personal liability for obligations of a partnership when the partnership itself is liable.
• E)If a partnership is liable,each partner only has personal liability in proportion to the way in which profits are allocated.

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Definitions:

Price Per Share

The current market value of a single share of a company's stock.

Equity-Financed

A method of funding in which a company raises capital through the sale of shares, effectively trading ownership interest for investment funds.

Incremental Value

The additional or extra value generated by taking a particular action, often compared to doing nothing or choosing an alternative.

Goodwill

An intangible asset that arises when a company acquires another business for more than the value of its tangible and identifiable intangible assets.