Question

In which of the following business associations the liability of its members is joint and several?

• A. Partnership Firm
• B. Limited Liability Partnership
• C. Company
• D. Open Market

Hint:

In a partnership, each partner is fully responsible for the liabilities of the business, even if they didn’t directly cause the debt.

Answer 1

The Correct Option is A

Step 1: Identify liability in business associations.
- In a Partnership Firm, the liability of members is joint and several, meaning each partner is individually responsible for the partnership's debts.