aliensbrain
  • Home
  • Study
  • Quizzes
  • 🎤AI Practicefree
  • Notebooks
  • Community
  • Sign in
  • Partnership Act - II
  • The liability of partners is
Multiple choice

The liability of partners is

  1. individual

  2. joint and several

  3. optional

  4. limited

Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

All the partners are jointly and severally liable for the acts of firm. The liability of partners is unlimited.

Keep practicing — related questions

  • The liability of each partner of a firm is
  • In a partnership, the liability of a partner is
  • A partner is _______ for all the acts of a firm done while he is a partner.
  • A partnership has two partners. The firm has total assets of Rs. 25 lakh and liabilities of Rs. 10 lakh. Pa...
  • Which among the following are some of the main features of a 'Limited Liability Partnership'? 1. The partne...
  • Where a minor is admitted for benefit in a partnership firm and he attains majority and decides to join the...
  • In a limited liability partnership, the rights and obligations of the partners are as per
  • For actions of a partner in a limited liability partnership
Play the full quiz 🎤 Practise this topic out loud

Practice this topic

  • Partnership and Business Law (1007 questions)
Advertisement
© Aliensbrain | all rights reserved
  • About
  • Contact
  • Terms and Condition
  • Privacy Policy