Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 24 - No. 37)
Which of the following statements is TRUE about the liability of partners in a general partnership?
Partners have limited liability, only up to their investment.
Partners have unlimited liability, are personally liable for the business's debts.
Partners are only liable for their own actions.
Liability is determined by the percentage of ownership.
Explanation
Partners in a general partnership have unlimited liability.
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