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What is meant by unlimited liability of a partner?
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What is meant by unlimited liability of a partner?
Partners of a partnership firm have unlimited liability. It means if the assets of the firm are not sufficient to meet its obligations, then the partners may be compelled to bring their personal assets to pay the firm’s debt.
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What is meant by unlimited liability of a partner?
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What is meant by unlimited liability of a partner? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about What is meant by unlimited liability of a partner? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What is meant by unlimited liability of a partner?.
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