Ask Question
27 November, 05:32

Partners' personal assets: a. cannot be reached by partnership creditors. b. cannot be reached by partnership creditors unless partnership assets are exhausted. c. can only be reached by personal creditors. d. none of the above

+1
Answers (1)
  1. 27 November, 08:38
    0
    the correct answer is b. cannot be reached by partnership creditors unless partnership assets are exhausted.

    Explanation:

    A partnership is generally not a Limited Liability company. (but there is a less popular Limited partenrship form, but even there, some parterns are unlimitedly liable.)

    when the firm lacks the limited liability owners are responsible for the obligations even from their personla fortune, and if the firm cannot pay off the obligations from the firm's own assets, then the parterns are liable personally.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Partners' personal assets: a. cannot be reached by partnership creditors. b. cannot be reached by partnership creditors unless partnership ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers