Maharashtra State BoardHSC Commerce 12th Board Exam
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Select the Proper Option from the Options Given Below and Rewrite the Completed Sentence. in Partnership Firm the Liability of Partners is - Organisation of Commerce and Management

MCQ

Select the proper option from the options given below and rewrite the completed sentence.
In partnership firm the liability of partners is ________.

Options

  • limited

  • unlimited

  • non of above.

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Solution

In partnership firm the liability of partners is unlimited.
Explanation:
Unlimited liability imply that, if a business’s assets are not sufficient to pay the business liabilities, then personal assets of the partners can be used to pay off the debts. Thus, in partnership firm the liability of partners is said to be unlimited.

Concept: Registration of a Partnership Firm
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APPEARS IN

Micheal Vaz Organisation of Commerce and Management (OCM) HSC 12th Standard Maharashtra State Board
Chapter 1 Forms of Business Organisations
Select the proper option | Q 13 | Page 36
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