It is important for a partner to understand their liability exposure, as a member of a general partnership, because

Multiple Choice

all obligations and debts incurred by the partnership are the full responsibility of each partner $$ joint and several liability.

corporate partners are often required to pay the debts of unincorporated partners.

a partnership offers the same liability protection as a corporation.

partners may be forced by Canada Revenue Agency $($CRA$)$ to pay the personal tax liability of any other partner.