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

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Correct Answer:
Verified
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