omtex.co.in : In a partnership the liability of every partner of a firm is unlimited: State with reasons whether the following statements are true or false.

In a partnership the liability of every partner of a firm is unlimited: State with reasons whether the following statements are true or false.

In a partnership the liability of every partner of a firm is unlimited: True

Explanation: The liability of every partner in a partnership firm is unlimited. This implies that the personal property of each partner can be used for paying business debts if the assets of the business are not sufficient to pay them off.