Question

1. Give the meaning of 'Liability of Partnership'as a feature of partnership
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Answer 1

In a unique feature, all partners have unlimited liability in the business. The partners are all individually and jointly liable for the firm and the payment of all debts. This means that even personal assets of a partner can be liquidated to meet the debts of the firm.

Answer 2

Liability of partnership is defined as the feature in which all the members involved in a partnership are responsible in paying to the debts which are used in the building up of a business.

Explanation:

• Liability is a process which defines the partnership of the members where if sum of amount of money is borrowed for business needs, the borrowed amount will be payed in debts and each every member involved in the business process are liable in paying back the debts to the borrowed source.

To know more:

1) What is the meaning of liability

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