the business assets of firm are worth 200000 but debit remain unpaid 300000 what cource of action can creditor take 1- its sole proprietor ship firm 2- it is partnership firm with a and b two partner sharin equaly
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the business assets of firm are worth 200000 but debit remain unpaid 300000 what cource of action can creditor take 1- its sole proprietor ship firm 2- it is partnership firm with a and b two partner sharin equaly
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Answer:
(a) They can claim over the personal property of sole proprietor as his liability is unlimited.
(b) Creditors can approach both Anthony and Akbar and they are liable to pay back in their profit sharing ratio but in case one of the partners becomes insolvent then creditor can 'am claim from only one partner also.
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