Question

in case of partnership partners are _ and individually​

Answer 1

Answer:

In case of partnership partners are jointly liable for the firm and the payment of all debts and individually

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

Answer:

Each member is individually and jointly responsible for the business's debts in a partnership.

Explanation:

All partners have complete responsibility in the business, a distinctive feature. The company and the payment of all obligations are equally and severally responsible to the partners. This implies that a partner's assets may be liquidated to pay off the firm's debts.

• A partnership is a mutually beneficial and talent-matched arrangement.
• A corporate collaboration has several advantages.
• Each partner adds something unique to the organization and aids others in conquering obstacles.
• Partnerships can also benefit from limited liability partnerships in terms of legal protection.
• On the other hand, a legally binding partnership demands that each partner be assigned specific roles and obligations and financial and future planning expectations for the organization.
• A plan for dealing with the exit of one of the business partners should also be in place.
• To reap the full benefits of limited liability partnerships, they must be registered regularly.

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