Q: Write down the liabilities of Partners?
Ans.: The liabilities of the partners, with reference to the Partnership Act’ are given as follows:
1. Every partner (if not otherwise in the partnership deed legally liable to pay the debts on the firm in the partnership deed).
2. A partner is liable to compensate the losses to the business which have incurred due to his negligence knowingly or unknowingly.
3. If a partner runs a separate business synonymous to the firm’s business or he takes any advantage of the firm’s goodwill in his personal capacity, he is bound to present the accounts of such business before all other partners and to hand over all the profits earned to the firth.
4. So long partner according to the partnership deed, he will be held responsible for all firm’s decisions taken during his tenure or partnership.