Question:
In which of the following business associations the liability of its members is joint and several?
In which of the following business associations the liability of its members is joint and several?
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In a partnership, each partner is fully responsible for the liabilities of the business, even if they didn't directly cause the debt.
Updated On: Jan 17, 2026
- Partnership Firm
- Limited Liability Partnership
- Company
- Open Market
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The Correct Option is A
Solution and Explanation
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.
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