A Partner Is Not Liable to the Partnership for the Value

question 34

True/False

A partner is not liable to the partnership for the value of partnership property that he or she uses for individual purposes.

---

Definitions:

Discovery

A pre-trial procedure in a lawsuit where each party can obtain evidence from the other party or parties by means of discovery devices such as interrogatories, depositions, requests for production of documents.

Arbitrator

A neutral third party chosen to settle disputes outside of court.

Binding Decisions

Refers to final judgments, rulings, or agreements that parties are legally obligated to follow.

Non-Lawyer

An individual who does not have the legal qualifications or license to practice law.