Under the Uniform Partnership Act, in Regard to an Agreement

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.