Under the Uniform Partnership Act, in Regard to an Agreement

question 11

Multiple Choice

Under the Uniform Partnership Act, in regard to an agreement with a third party, which of the following is true under the regarding personal liability of partners for obligations of the partnership?

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

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Definitions:

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