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  3. joint and several liability in a partnership means

Joint and several liability in a partnership means that: (Points : 1) Each partner has...

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Accounting

Joint and several liability in a partnership means that: (Points : 1) Each partner has personal liability for partnership obligations. Each partner's personal liability for partnership obligations is limited to their initial investment in the partnership. Partners are responsible for their own actions but not the actions of the other partners. Each partner's personal liability for partnership obligations is limited to the balance in their capital account.

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