Question

30. Which of the following statements is correct?
(A) A partnership firm is a separate legal entity.
(B) A company does not have a separate entity from its members
(C) The liability of partners in a partnership is unlimited as well as joint and several
(D) The audit of a company is not compulsory​

Answer 1

Answer:

have a separate entity from its members

(C) The liability of partners in a partnership is unlimited as well as joint and several

(D) The audit of a company is not compulsory

Answer 2

As per the Partnership Act 1932, the liability of the partners in a partnership firm is unlimited. In case when the dues of the third parties cannot be paid from the assets of the firm, the partners will have to pay the amount out of their personal assets. Also, each partner is bound by the act of the other partners.

So correct option will be (c)

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