With regard to the liability of partners,which of the following is true?
A)A general partner who retires from the partnership by giving notice of his leaving to the other partners could still be found liable for debt pursuant to a contract made when he was a partner.
B)A limited partner has unlimited liability beyond the amount of his initial investment.
C)A general partner has limited liability for any loss suffered because of the negligent act (e.g.,omission)of one of his partners.
D)A general partner could not be liable for losses suffered by a client because of misapplication of funds unless he knew about or took part in the misapplication.
E)The partnership,and thus the partners,are liable for any loss suffered because of a tort committed by its employee outside the course of his employment.

Question

Quizplus · Accepted Answer

A retiring general partner could still be held liable for debts and contracts made while they were a partner, unless there was an agreement in place for a release of liability.

Answer: B
 Limited partners have limited liability, meaning their liability is limited to the amount of their initial investment.

Answer: E
 The partnership and partners can be held liable for any tort committed by an employee if it was within the scope of their employment, even if the employee acted outside of the course of their employment.

With Regard to the Liability of Partners,which of the Following