4:00 PM / Remaining: 60 min Multiple Choice Question 54 Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt? Only Jack is personally liable for the debt, since he has been the managing partner during that time. Only Jill is personally liable for the debt of the business, since Jack has been working and she has not. Both Jack and il are personally liable for the business debt. Neither Jack nor it is personally liable for the business debt, since the partnership Is a separate legal entity. Click if you would like to show Work for this question: Open Show Work Question Attempts: 0 of 1 used