1.

Generally, the liability of the partners in a firm is unlimited. But in service sector, the liability is limited. What is the name of the partnership? Write a short note about this?

Answer»

The name of the partnership is Limited Liability Partnership. It is popular in service sector and in the small scale enterprises. Limited liability partnership means for paying the debts of the firm, only the assets of the business will be utilised. 

Example – cost accountants firm, lawyers, engineers, etc.



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