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Forms of Business Organisation-1 — OCM STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceOCMForms of Business Organisation-11 Mark
Question
What is unlimited liability of partner?
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Answer

If the dues and debts of the firm exceed its assets and the firm is unable to repay the amount then it is recovered by selling personal assets of the partner. This is called unlimited liability.

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