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endraxz endraxz
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6 years ago
What is the liability of partners in relation to debt obligations and lawsuits?
 
  What will be an ideal response?

 Q. 2

What is the major risk involved in being in a partnership and why is it such a major risk?
 
  What will be an ideal response?
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#1
6 years ago
Ans. to #1

The liability of partners in relation to debt obligations and lawsuits is joint and severable liability where each partner is legally liable for the entire debt or legal obligation.

Ans. to #2

The major risk of being in a partnership is mutual agency, which means every partner is an agent and a principle and they could enter into obligations that bind the other partners without express authority of the other partners. The partners are liable for all obligations undertaken by any of the partners.
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