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Question
State with reasons whether the following statement true or false.
In a partnership the liability of every partner of a firm is unlimited.
Options
True
False
Solution
In a partnership the liability of every partner of a firm is unlimited : True
Explanation: The liability of every partner in a partnership firm is unlimited. This implies that the personal property of each partner can be used for paying business debts if the assets of the business are not sufficient to pay them off.
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Indian Partnership Act was passed in the year...............................
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In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.
The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
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