Statement with reasons whether the following statements are True or Fa

1.	Statement with reasons whether the following statements are True or False.In a partnership firm, the liability of partners is unlimited.
Answer» 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 .

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

Answer»

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 .

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

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