Which one of the following statements about general partnerships is false?
A)A general partner can limit his liability for the firm's obligations by using the term "limited" after his name on stationery.
B)Each partner has unlimited personal liability for the debts of the partnership.
C)The Partnership Act can imply contractual terms into a partnership where the partners did not expressly agree on some detail of the relationship.
D)Partnership is the relationship that exists between persons carrying on business together with a view to making a profit.
E)A partnership can exist even without a written partnership agreement.

Question

Quizplus · Accepted Answer

A general partner cannot limit his liability for the firm's obligations by simply putting the term "limited" after his name on stationery. In order to limit his liability, he would need to register as a limited partner under applicable state laws.

Which One of the Following Statements About General Partnerships Is