For Tortuous Acts, the Partners Are Said to Be Jointly

question 44

True/False

For tortuous acts, the partners are said to be jointly and severally liable under both Uniform Partnership Act (UPA) and Revised Uniform Partnership Act (RUPA), and the plaintiff may separately sue one or more partners.

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Definitions:

Bank Statement

A document provided by a bank, summarizing the transactions that occurred in an account over a period.

Accrual Accounting

An accounting method that records revenues and expenses when they are earned or incurred, regardless of when the cash transaction occurs.

Interest Expense

This is the cost incurred by an entity for borrowed funds, reflected as a line-item expense in the income statement.

Income Statement

A financial statement that shows a company’s revenue and expenses over a specified period of time, resulting in net profit or loss.