3 Questions
What type of liability do partners in a partnership have?
Unlimited liability
What is the meaning of unlimited liability?
Partners are personally responsible for all debts and liabilities of the partnership, even if it means selling their personal assets.
What is the main advantage of limited liability over unlimited liability for business owners?
Limited liability protects personal assets of business owners from being used to pay off business debts.
Test your knowledge on partnership liability with this quiz! Learn about the different types of liability that partners in a partnership have, including the concept of unlimited liability. Discover the advantages of limited liability over unlimited liability for business owners. This quiz is perfect for anyone interested in understanding the legal responsibilities and protections of partnership agreements.
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