Partners can agree among themselves as to what portion of liability they each will bear,and their losses will be limited to that portion when being sued by outsiders.

Question

Quizplus · Accepted Answer

In a partnership, each partner is typically jointly and severally liable for the debts and obligations of the partnership, meaning they can be held responsible for the full amount of any liability, regardless of any internal agreement.

Partners Can Agree Among Themselves as to What Portion of Liability