Partners\xa0are personally\xa0liable\xa0for the business obligations of the\xa0partnership. This means that if the\xa0partnership\xa0can\’t afford to pay creditors or the business fails, the\xa0partners\xa0are individually responsible to pay for the\xa0debts\xa0and creditors can go after personal assets such as bank accounts, cars, and even homes.\xa0In a\xa0general partnership, each\xa0partner\xa0has unlimited personal\xa0liability.\xa0Partnership\xa0rules usually dictate that whatever debts are incurred by the business, it is the legal responsibility of all\xa0partners\xa0to pay them off. … All\xa0partners\xa0are responsible for paying the debts.