Final answer:
The claim that a partner retains title to contributed assets in a partnership is b. false; Partners share ownership of all assets and liabilities. In a limited liability partnership, partners have limited personal liability for the partnership's debts.
Step-by-step explanation:
The statement that a partner usually retains title to assets contributed to the partnership is false. In a partnership, assets contributed by any partner become part of the partnership's assets and are owned by the partnership as a whole, not by any individual partner. This communal ownership is in line with the nature of a partnership where all partners share in the profits and are equally liable for the debts of the business. This also means that, unless otherwise agreed upon, no single partner can claim ownership to a specific asset contributed to the business.
However, it is important to note that in a limited liability partnership (LLP), individual partners can be protected from personal liability for certain debts of the partnership, aligning their liability with their investment in the company. Nevertheless, the assets contributed to an LLP still become property of the partnership and not the individual partners.