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4 February, 00:23

Which one of the following statements is true regarding a partner's personal liability for partnership assets?

a. In a general partnership, all partners are liable for entity debts.

b. LLC members can never be liable for entity debts.

c. In a limited liability partnership, a partner might be subject to liability for other partners' malpractice.

d. In a limited partnership, all partners have limited liability for partnership debts.

e. None of these statements are true.

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  1. 4 February, 00:39
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    The correct answer is A

    Explanation:

    General partnership is a kind of business partnership or the business arrangement in which 2 or more individuals or person agreed to share all the profits, legal liabilities, assets financial liabilities of a business which is jointly-owned. And any partner of the business might be sued for the entirety of a business debts of partnership.

    So, the correct statement is that in general partnership, all partners are held liable for the debts of the entity in the partnership.
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Home » Business » Which one of the following statements is true regarding a partner's personal liability for partnership assets? a. In a general partnership, all partners are liable for entity debts. b. LLC members can never be liable for entity debts. c.
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