In partnership partners liabilities are
Answers
In partnership partners, liabilities are 'jointly and severally liable.
Liability for partnership debts
Initially, creditors will demand that the company pay its own debts. The creditors may ask the individual partners to make payments if the company is unable to. For the firm's obligations, partners are "jointly and severally accountable." This implies that any partner is subject to legal action by the company's creditors. Additionally, they have the ability to act against multiple partners at once. Even if a partnership agreement specifies differently, this still holds true. If one partner pays more than their agreed-upon portion of the firm's debts, they may seek restitution from the other partner by filing a lawsuit, if necessary.
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In partnership, partners liabilities are ?
Limited
Unlimited
Limited to the capital invested
Limited to the amount mentioned
The correct answer is :
Unlimited
Explanation :
Partner liabilities are unlimited in a partnership.
When two or more partners enter into a partnership to form an enterprise, they agree to share the profits or losses in that enterprise. This process is called partnership. According to the Indian Act 1932, partnership refers to a form of relationship between persons in which each partner has agreed to share the profits or losses of the enterprise.
Liabilities in a partnership are further unlimited, as the partners have already agreed between themselves for profit or loss.
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