What factors determine a partner's liability for debts incurred by the partnership?

The liability of a partner for debts incurred by the partnership hinges primarily on the nature of the partnership agreement and the general legal principles governing partnerships. The correct choice highlights that the date the debt was incurred and the perception of creditors can influence a partner's liability.

In a general partnership, all partners typically share joint and several liabilities for the debts of the partnership. This means that creditors can pursue any individual partner for the entirety of the partnership’s debt, regardless of their individual contributions or shares. The perception of creditors reflects how they view the partnership structure and the risk involved based on the circumstances of when debts are incurred. If a debt is incurred during the partnership's operations, all partners are generally responsible.

The partnership agreement is also a critical determinant of the extent of liability, but the phrasing in the correct choice emphasizes how temporal factors (the timing of the debt) and external perceptions (what creditors might think about their ability to collect) can shape this liability dynamic.

Other options like the number of partners or the capital contributed become less relevant in the context of liability because, in a general partnership, the foundational principle remains that partners are jointly liable for all debts incurred during the course of the partnership, regardless of how many partners there are or how much each