give any 3 points to explain the liability of a partner
Share
give any 3 points to explain the liability of a partner
Sign Up to our social questions and Answers Engine to ask questions, answer people’s questions, and connect with other people.
Login to our social questions & Answers Engine to ask questions answer people’s questions & connect with other people.
Answer:
A partnership is when two or more people work together and share the profits from the business or profession. However, one must not always assume that all partners participate in the work or profits or even liabilities of the firm equally. In fact, there are various types of partners based on the extent of their liability, or their participation in the firm – like an active partner or dormant partner etc. Let us take a look.