Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance. Moreover, she is unable to meet the deficit from her personal assets, and her partners share the excess losses. Does this relieve Kay of liability?

SWFT Comprehensive Vol 2020
43rd Edition
ISBN:9780357391723
Author:Maloney
Publisher:Maloney
Chapter11: Invest Or Losses
Section: Chapter Questions
Problem 18DQ
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Kay, Kat, and Kim are partners. In a liquidation, Kay’s
share of partnership losses exceeds her capital account balance.
Moreover, she is unable to meet the deficit from her
personal assets, and her partners share the excess losses.
Does this relieve Kay of liability?

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