Which of the following is incorrect about the characteristics of a partnership firm?
Understand the Problem
The question is asking about elements of a partnership and determining which statement is incorrect regarding the characteristics of a partnership firm.
Answer
Limited liability
Limited liability is incorrect about the characteristics of a partnership firm.
Answer for screen readers
Limited liability is incorrect about the characteristics of a partnership firm.
More Information
Partnership firms typically have unlimited liability, meaning partners are personally accountable for the firm's debts.
Tips
A common mistake is assuming partners have limited liability like in corporations.
Sources
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