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Explain how partners are laible for …

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Explain how partners are laible for debts

Posted by Nikhil Chaudhary 5 years, 3 months ago

CBSE > Class 11 > Business Studies

1 answers

Meghna Thapar 5 years, 3 months ago

Partners are personally liable for the business obligations of the partnership. This means that if the partnership can't afford to pay creditors or the business fails, the partners are individually responsible to pay for the debts and creditors can go after personal assets such as bank accounts, cars, and even homes. In a general partnership, each partner has unlimited personal liability. Partnership rules usually dictate that whatever debts are incurred by the business, it is the legal responsibility of all partners to pay them off. ... All partners are responsible for paying the debts.

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