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9. If a partner within a partnership is unable to pay outstanding debt/liabilities (capital deficiency), the following occurs: A) The partner must take out a
9. If a partner within a partnership is unable to pay outstanding debt/liabilities (capital deficiency), the following occurs: A) The partner must take out a loan to cover the deficient balance B) The deficiency is absorbed by the remaining partners C) The partnership ends D) The deficient partner has a personal liability to pay the deficiency E) Both b and d 10. When forming a partnership what document should be created to ensure all parties agree with the all the details of the partnership/business: A) Tax Return B) Medical and burial instructions C) Partnership agreement D) ATM and bank deposit slips records E) Investment statement disclosure and activities
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