Business Studies, asked by Sandhusingh269, 1 year ago

Liability of partners in a partnership business is

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Answered by mishti53

Answer:

Personal Liability, Partnership Structures, and Your Business. In a general partnership, each partner has unlimited personal liability. Partnership rules usually dictate that whatever debts are incurred by the business, it is the legal responsibility of all partners to pay them off.

Answered by XxMissPaglixX

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$.Types of Partnerships1. General Partnership: Liability of partners is unlimited and they are collectivelyresponsible for the liabilities of the business.(a) Particular partnership-When partnership is started for certain work, it iscalled particular partnership.(b) Partnership at will-It continues upto the time the partners have faith ineach other, it can be dissolved at a notice by any partner.2. Limited Partnership: The liability of some partners is limited, while liabilityof some is unlimited. This form of partnership is not prevalent in India.3. Limited Liability Partnership : In this form of partnership, the liability ofpartners is limited to the unpaid amount on their shares. The concern has aseparate legal entity.....$

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