Question

What is the liability of partners? (Answer in one sentence)

Answer 1

A limited liability partnership is a partnership in which some or all partners have limited liabilities.



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Answer 2

Answer:

Liability of partners

Limited to the extent of their contribution

Not liable for the wrongful acts / Omissions of other partners

After his death his estate is also severally liable in due course of administration for such debts and obligations , so far as they remains unsatisfied but subject to prior payment of his separate debts

That all the partners in a firm are jointly liable for all contractual and others debts and liabilities including tax and judgement debts which each a partner