Multiple Choice Question
The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as
O limited life
O mutual agency
O unlimited liability

Question

29-04-2024
Business

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Multiple Choice Question
The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as
O limited life
O mutual agency
O unlimited liability

Answer :

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The correct answer to the question is: Unlimited liability Explanation: 1. Unlimited liability in a partnership means that each partner is personally responsible for the debts and obligations of the partnership. 2. This implies that if the partnership assets are not enough to cover the debts, creditors can go after the personal assets of the individual partners to settle the debts. 3. Limited life refers to the characteristic that a partnership does not have a perpetual existence and can be dissolved due to various reasons such as the withdrawal or death of a partner. 4. Mutual agency indicates that each partner can act on behalf of the partnership and bind the partnership to agreements and contracts. Therefore, in the context of the question, the characteristic of partners being legally required to pay partnership debts even out of personal assets is known as unlimited liability.

Multiple Choice Question The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as O limited life O mutual agency O unlimited liability

Answer :

Other Questions

Multiple Choice Question
The characteristic that each partner can be legally required to pay the partnership debts even out of personal assets is referred to as
O limited life
O mutual agency
O unlimited liability