Practicing Success
Practicing Success
CUET Preparation Today
In terms of liability in a partnership firm, what does it mean for a partner to be "severally" liable? |
Partners are liable only for their own actions Partners are liable for the actions of other partners Partners are liable for the partnership's debts Partners are not personally liable for any obligations |
Partners are liable only for their own actions |
The correct answer is option 1- Partners are liable only for their own actions. When a partner is "severally" liable, it means that they are personally responsible and liable only for their own actions, debts, and obligations within the partnership. This implies that each partner is individually accountable for their own conduct. |
