__________________is the characteristic of a partnership whereby each partner is liable for partnership debts to the full extent of his or her private assets.
A) limited life.
B) limited liability.
C) unlimited liability.
D) mutual agency.

Question

Quizplus · Accepted Answer

Unlimited liability is the characteristic of a partnership whereby each partner is liable for partnership debts to the full extent of his or her private assets. This means that if the partnership cannot meet its debts and obligations, the personal assets of each partner can be used to pay off the debts. Unlike limited liability, where the partners' liability is limited to their investment in the partnership, unlimited liability can put personal assets at risk.

__________________Is the Characteristic of a Partnership Whereby Each Partner Is