how can the partnership firm be classified on the basis of liability
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Partnerships can be classified on the basis of liability as follows. In general partnership, the liability of partners is unlimited and joint. The partners enjoy the right to participate in the management of the firm and their acts are binding on each other as well as on the firm.
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Explanation:
Partnerships can be classified on the basis of liability as follows. In general partnership, the liability of partners is unlimited and joint. The partners enjoy the right to participate in the management of the firm and their acts are binding on each other as well as on the firm.
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