Asked by Savannah Calkins on Jun 10, 2024
Verified
Individuals in a valid general partnership are not personally liable for the obligations of the business.
Personally Liable
Being directly responsible for a debt or obligation, such that one's personal assets can be pursued by creditors.
Obligations
Duties or commitments one party has towards another under the terms of a contract, law, or moral duty.
General Partnership
See partnership.
- Acknowledge the financial liability impacts for partners across a range of partnership organizations.
Verified Answer
GS
Gavin SuttonJun 10, 2024
Final Answer :
False
Explanation :
The individuals in a partnership assume personal liability for the obligations of the business.
Learning Objectives
- Acknowledge the financial liability impacts for partners across a range of partnership organizations.
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