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Business Studies

Partnership

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Question

The business form(s) in which the owners is (are) personally liable is (are) _________.

A

Partnership only

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B

Proprietorship only

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C

Corporation only

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D

Partnership and Proprietorship

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Solution

The correct option is D Partnership and Proprietorship
Partnership and Proprietorship

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Q. The business form (s) in which the owner (s) is (are) personally liable is (are) the _______________.

Q. Every partner is personally liable for the debts of the firm; in a joint family business only __________ is personally liable.

Q. Answer is Yes or No:
(a) The sole proprietor is the exclusive master of his business.
(b) The liability of a sole proprietor is limited.
(c) A sole proprietorship has no legal existence apart from its owner.
(d) Sole proprietorship is the oldest form of business organisation.
(e) It is difficult to set up a sole proprietorship.

The structure in which there is separation of ownership and management is called

(a) Sole proprietorship

(b) Partnership

(c) Company

(d) All business organisations

Q. LEGAL PRINCIPLE: Every partner in a partnership firm is liable for the acts of every other partner during the course of business of the partnership firm.
FACTUAL SITUATION: A, a partner in the firm XYZ with another partner B takes loan from a bank for the partnership firm. A misuses the fund for his personal use. B is very resourceful person. Can the bank demand the entire money from B?
DECIDE.

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