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Question
State with reasons whether the following statement true or false.
In a partnership the liability of every partner of a firm is unlimited.
Options
True
False
MCQ
True or False
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Solution
In a partnership the liability of every partner of a firm is unlimited : True
Explanation: The liability of every partner in a partnership firm is unlimited. This implies that the personal property of each partner can be used for paying business debts if the assets of the business are not sufficient to pay them off.
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