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Question
Why is partnership considered by some to be a relatively unpopular form of business ownership?
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Solution
Partnership is considered to be a relatively unpopular form of business ownership because of the various limitations associated with it. These limitations include unlimited liability, limited resources, possibility of conflicts and lack of continuity.
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In partnership the liability of partners of a firm is unlimited.
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A partner who gives his name to a partnership firm.
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The senior most family member of a Joint· Hindu family firm.
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Group 'B'
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Joint Hindu Family firm and Partnership
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The liability of the Karta is limited and that of coparceners is unlimited.
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The business assets of an organisation amount to Rs. 50,000 but the debts that remain unpaid are Rs. 80,000. What course of action can the creditors take if
(a) The organisation is a sole proprietorship firm
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