Which of the following best describes "joint and several liability" in a partnership?

The concept of "joint and several liability" in partnership law means that each partner can be held liable for the entire amount of a partnership's debts, regardless of their individual participation in the obligation or wrongdoing. This principle allows creditors the flexibility to pursue one or more partners for the full amount owed, making it easier for them to recover debts.

Option B accurately reflects this principle, as it emphasizes that creditors have the option to choose any partner to satisfy the debt in full, without needing to pursue all partners simultaneously. This creates a strong incentive for partners to monitor each other's actions and maintain the financial responsibilities of the partnership.

The other options do not capture the essence of joint and several liability. For instance, stating that each partner is only liable for their own actions overlooks the comprehensive liability each partner has regarding the partnership's obligations. Additionally, the clarification that only general partners are liable, while overlooking limited partners, doesn’t reflect the joint and several liability principle that applies to all general partners in a partnership. Finally, asserting that liability is shared equally among partners misrepresents the nature of liability under this principle, as it can lead to one partner being fully responsible for debts, depending on creditor decisions.