A partnership firm has?
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A partnership firm is not a legal entity apart from the partners constituting it. It has limited identity for the purpose of tax law as per section 4 of the Partnership Act of 1932. 2) Partnership is a concurrent subject.
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The partners are the contributors of capital and their is no common seal of a partnership firm. The partners signature represents the firm. The liabilities of the partners are limited to the capital contributed by them and if there is insolvency then the private properties of the partners are also liable.
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