1.

Write a short note on partnership according to liability.

Answer»

Partnership according to liability:

  • Partnership with limited liability: partnership firm where in one partner is allowed to have limited liability and all remaining partners have unlimited liability is called a partnership with limited liability. This is a special type of partnership.
  • Partnership firm with unlimited liability: The partnership firm in which the liability of each member is unlimited is called a partnership firm with unlimited liability.


Discussion

No Comment Found