Advertisements
Advertisements
Question
Statement with reasons whether the following statement is True or False
In a partnership firm, the liability of partners is unlimited.
Solution
This statement is True.
Reasons :
1. Partnership is the relation between two or more persons aggreed to share profits and losses.
2. The liability of every partner is unlimited and is joint and several.
3. If any debts arise in a firm and the firm is disable to pay it then the partners are liable to pay from their
personal property.
4. There will be no distinction between partners and business . Hence their liability is unlimited .
APPEARS IN
RELATED QUESTIONS
State the registration procedure for a partnership firm
Select the proper option from the options given below and rewrite the completed sentence.
Registration of partnership firm is ________ in Maharashtra.
Select the proper option from the options given below and rewrite the completed sentence.
In partnership firm the liability of partners is ________.
Select the proper option from the options given below and rewrite the completed sentence.
In a partnership firm every partner is the principal as well as the ________.
Select the proper option from the options given below and rewrite the completed sentence.
At least ________ persons are required to form a partnership firm.
Write a word or a phrase or a term which can substitute the following.
A partner in partnership firm who takes active participation in day to day work.
Distinguish between the following.
Partnership firm and Joint Stock company
Write short note on the following.
Merits of a partnership firm
Write short note on the following.
Type of partnership firm.
Write short answer of the following.
State the Registration of partnership and its procedure.
Explain the types of a partnership firm?
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
