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crawhm3 crawhm3
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2 years ago
With regard to the liability of partners, which of the following is true?

▸ A general partner has limited liability for any loss suffered because of the negligent act (e.g., omission) of one of his partners.

▸ The partnership, and thus the partners, are liable for any loss suffered because of a tort committed by its employee outside the course of his employment.

▸ A limited partner has unlimited liability beyond the amount of his initial investment.

▸ A general partner could not be liable for losses suffered by a client because of misapplication of funds unless he knew about or took part in the misapplication.

▸ A general partner who retires from the partnership by giving notice of his leaving to the other partners could still be found liable for debt pursuant to a contract made when he was a partner.
Textbook 
Legal Fundamentals for Canadian Business

Legal Fundamentals for Canadian Business


Edition: 4th
Author:
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xxsarahbryannexxsarahbryanne
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2 years ago
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