When the obligations of a partnership can’t be met, each partner is liable for the obligation. This characteristic is called A. limited life. B. unlimited liability. C. limited liability. D. mutual agreement

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20-10-2017
Mathematics

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When the obligations of a partnership can’t be met, each partner is liable for the obligation. This characteristic is called A. limited life. B. unlimited liability. C. limited liability. D. mutual agreement

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andriansp andriansp · Answer 1 · 2017-10-20T02:18:59+02:00

The answer to this question is B. unlimited liability
In partnership, all partners involved acted as one united entity , even though the percentage of ownership is different.
So, when a partner make a certain debt in the name of the firm, all partners in that firm is required to a certain percentage of that debt depending on how much ownership they had in the firm. If one partner couldn't pay their percentage, other members are legally binded to chip in.