Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 14 - No. 10)
Which of the following best describes the liability of partners in a general partnership?
Limited to their capital contributions.
Unlimited and joint and several.
Limited to a predetermined amount stated in the agreement.
Unlimited and limited by the number of partners.
Explanation
Partners in general partnerships generally have unlimited and joint and several liability.
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