Which of the following statements is TRUE of a general partnership? Creditors have the option of recovering debts from the partnership or the personal assets of the partners, in either order. If there are insufficient assets in the partnership to pay the outstanding liabilities, creditors must collect from the partners according to the profit or loss ratios: Each partner is fesponsible for all the debts of the partnership. Each partner is responsible for the debts of the partnership up to their capital balances