A, B and C formed a limited partnership. They named their partnership AB&C. In 2008, the firm incurred an indebtedness of P5M. A suit was filed for the recovery of debt. Which of the following statements is correct?

• A. No partnership was constituted because the word limited was omitted in the partnership name.
• B. B and C as limited partners are liable only up to the extent of their contributions.
• C. All are liable as general partners.
• D. A, B and C are not liable because there was a defect in the formation of their partnership.