Maharashtra State BoardHSC Commerce 12th Board Exam
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Answer in One Sentence Only. What is the Liability of Partners? - Book Keeping and Accountancy

One Line Answer

Answer in one sentence only.
What is the liability of partners?

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Solution

Generally, the liability of a partner is unlimited. But in case of Limited Liability Partnership, the liability of the partners is limited to the extent of their capital.

Concept: The Indian Partnership Act 1932
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Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise | Q 13 | Page 13
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