IL Bar Practice Questions - Illinois Bar Examination Exam

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Two people carry on a business for profit as co-owners without filing any formation documents. One incurs a debt in the ordinary course of business. Which statement is correct under partnership law?

No partnership exists because nothing was filed A general partnership has formed, and each partner is jointly and severally liable for partnership obligations Only the partner who incurred the debt is liable The partners enjoy limited liability like LLC members

Correct Answer:

A general partnership has formed, and each partner is jointly and severally liable for partnership obligations

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