With regard to the liability of partners, which of the following is false?
◦ A limited partner is liable only for the amount of his initial investment if he follows the directions set out in the Partnership Act (e.g., not taking part in management).
◦ A general partner could not be liable for losses suffered by a client because of misapplication of funds unless he knew about or took part in the misapplication.
◦ A general partner who retires from the partnership by giving notice of his leaving to the other partners could still be found liable for debt pursuant to a contract made when he was a partner.
◦ The partnership, and thus the partners, is liable for any loss suffered because of a tort committed by its employee in the course of employment.
◦ A general partner has unlimited liability for any loss suffered because of the negligent act (e.g., omission) of one of his partners if there are insufficient funds in the partnership to pay the person who suffered the loss.
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