- 1 Marks
Question
The liability of partners in a firm to third parties is ____________.
Answer
Joint and Several
Explanation:
In a partnership, partners are jointly and severally liable for the debts and obligations of the partnership, meaning that creditors can pursue any partner individually or all partners collectively.
- Tags: Liability, Partnership, Third Parties
- Level: Level 1
- Topic: Partnership Law
- Series: MAY 2014
- Uploader: Theophilus