Final answer:
Under the RUPA, a partnership has continuity of existence, can be treated as an entity for certain legal purposes, and is no longer viewed purely as an aggregate in relation to liability, although partners can still be held liable for certain obligations. The correct option that describes the liability status of partnerships under RUPA is c. is no longer viewed as an aggregate in relation to liability.
Step-by-step explanation:
Under the Revised Uniform Partnership Act (RUPA), a partnership is characterized by several key factors. Among these, a partnership under RUPA has continuity of existence, meaning the partnership can continue despite changes in the partnership, such as the withdrawal or death of a partner. However, this does not mean the entity is static, as new partners can be admitted, altering the dynamics of the business.
In terms of entity status, under RUPA, a partnership is considered an entity for certain situations but is not universally recognized as a separate entity in all legal contexts. It is distinct from a corporation, which is recognized as its own legal entity entirely separate from its owners. Specifically, a partnership under RUPA is treated as an entity for purposes such as owning property and suing or being sued in the partnership's name.
Regarding liability, a partnership under RUPA is no longer viewed purely as an aggregate of its partners in relation to liability. Instead, RUPA adopts a more entity-based approach where the partnership itself can be held liable for obligations while still retaining some elements of partner liability. It is important to note that partnerships do have liability for the obligations made by their partners, but the extent of this liability may be limited under certain forms of partnerships, like a limited liability partnership (LLP).
The correct option regarding the statements about a partnership under RUPA is: c. is no longer viewed as an aggregate in relation to liability.