Capital contributions, Personally liable on those debts and

Capital contributions

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Reference no: EM13920595

Terry is one of the original partners in a six-month-old general partnership. If debts of the firm become due and the firm cannot pay them, Terry will be:

A. Personally liable on those debts and obligations.
B. Liable for those debts and obligations only up to the amount of his capital contributions.
C. Not required to contribute any money toward the satisfaction of these debts s and obligations.
D. Other.

Choose and answer and EXPLAIN/ANALYZE

Reference no: EM13920595

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Capital contributions : Personally liable on those debts and obligations.Liable for those debts and obligations only up to the amount of his capital contributions.

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