Which of the following describes liability that may be shared by all partners in a partnership?

Joint and several liability is a legal concept referring to a scenario in a partnership where each partner is collectively responsible for the debts and obligations of the business, but also has the capacity to be held liable for the entire amount of those debts individually. This means that if a creditor comes after the partnership for a debt, they can pursue any one partner for the full amount, regardless of the individual partner's share of the liability.

This type of liability is important because it ensures that creditors have a means of recovering debts, even if one or more partners may not have sufficient assets to cover their portion of the liability. Each partner’s personal assets can be at risk, which incentivizes partners to act responsibly and oversee the business's financial practices vigilantly.

Limited liability pertains to situations where partners are not personally responsible for the debts beyond their investment in the business, which is not the case in a traditional partnership setting. Collective liability might suggest a shared responsibility, but it is not a recognized legal term in this context. Partial liability could imply a limited scope of responsibility among partners, which does not accurately reflect the nature of liability in a general partnership.

Hence, the designation of joint and several liability captures the full extent of the financial obligations that partners may face in a