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What does the term unlimited liability mean

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Question: 1. What does the term unlimited liability mean when it is applied to partnership members?

2. Assume that Amey and Lacey are partners. Lacey dies, and her son claims the right to take his mother's place in the partnership. Does he have this right? Why or why not?

3. Kay, Kat, and Kim are partners. In a liquidation, Kay's share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her partners shared the excess losses. Does this relieve Kay of liability?

Reference no: EM131534224

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