Asked by
Aliyah Emily
on Nov 21, 2024
Verified
Each partner has unlimited personal liability for the obligation, if a partner has authority to act and the partnership is bound by the act giving rise to the obligation.
Unlimited Personal Liability
A legal obligation where individuals can be held fully responsible for the debts and obligations of a business, potentially affecting their personal assets.
Partnership Authority
The legal power granted to a partner to act on behalf of and bind the partnership in business transactions.
- Identify the legal responsibilities associated with partnership liabilities and the roles of partners.
Verified Answer
NC
Learning Objectives
- Identify the legal responsibilities associated with partnership liabilities and the roles of partners.