Which statement accurately describes the liability of partners in a partnership?

The statement about general partners having unlimited personal liability is accurate because, in a general partnership, all general partners are personally liable for the debts and obligations of the partnership. This means that creditors can pursue the personal assets of a general partner if the partnership cannot satisfy its debts. This principle is a fundamental aspect of partnership law, emphasizing the close connection between partners' personal and business liabilities.

General partners take on both the risks and rewards of the business, which includes assuming responsibility for its financial obligations. This liability is not limited unless there are specific provisions, such as creating a limited liability partnership (LLP) or having limited partners under certain conditions.

In contrast, the other statements depict different scenarios of partnership liability: limited partners indeed have liability confined to their investment unless they take on a management role; partner liability typically cannot be waived in partnership agreements for general partners due to the nature of the partnership structure; and while partners can outline certain responsibilities in agreements, this does not amend overall statutory liabilities defined by law.