Question

Which of the following statements is correct?
(A)
A partnership firm is a separate legal entity.
(B)
A company does not have a separate entity from its members
(C)
The liability of partners in a partnership is unlimited as well as joint and several
(D)
The audit of a company is not compulsory

Answer 1

Answer:

B is correct in following t statement

Answer 2

C is correct because partners have an unlimited liability jointly and severally