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: Determine liability within business associations.
- In a Partnership Firm, partners have joint and several liability, making each partner individually liable for the firm's obligations.