Which of the following is true about the liability of partners in a general partnership?

Which of the following is true of tort liability in a general partnership? A partner can be sued even if he or she did not commit the tort. Only the partner who committed the tort is liable. If the partner who committed the tort is released from the partnership, the other partners are not liable.

What are the liabilities of a partnership?

Liability for partnership debts

Partners are ‘jointly and severally liable’ for the firm’s debts. This means that the firm’s creditors can take action against any partner. Also, they can take action against more than one partner at the same time.

Which of the following is true of the profits and losses in a general partnership?

Which of the following is true of profits and losses in a general partnership? … An incoming partner is liable for the debts of the partnership only to the extent of his or her capital contribution.

Who is responsible for all liabilities in a general partnership?

general partner
A general partnership is an unincorporated business with two or more owners who share business responsibilities. Each general partner has unlimited personal liability for the debts and obligations of the business. Each partner reports their share of business profits and losses on their personal tax return.