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Business Studies

Features of Sole Proprietorship

What is meant...

Question

What is meant by `unlimited liability of a partner'?

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Solution

Unlimited liability means that the liability of a partner is joint and several. The personal assets of the partner can be utilised for paying a firm's debts.

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Similar questions

What is meant by unlimited liability of a partner ?

Discuss the various types of partners and indicate in which cases, the partners have unlimited liability ?

Q. State with reasons whether the following statements are True or False.
In a partnership firm, the liability of partners is unlimited.

Explain the meaning of unlimited liability.

Q. Select the proper option from the options given below and rewrite the completed sentences.

In partnership firm the liability of partners is ________.
(a) limited
(b) unlimited
(c) non of above.

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