alleryStart learning →Partners are liable for acts of the firm in what manner?
AOnly in profit ratio
BJointly and severally
COnly to capital
DNot personally
Answer & Solution
Correct answer: B. Jointly and severally
Each partner can be pursued for the whole of the firm's liabilities, which is joint and several liability.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?