Does a partnership firm has a separate legal entity? Give reason in support of your answer.

837 viewsDecember 14, 2023Accountancy Class 12th

Anurag Pathak 24.18K April 9, 2023 0 Comments

Does a partnership firm has a separate legal entity? Give a reason in support of your answer.

Anurag Pathak Changed status to publish December 14, 2023

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Anurag Pathak 24.18K Posted December 14, 2023 0 Comments

No,

A partnership firm does not have a separate legal entity separate from its partners.

Because the private assets of the partners can be used to meet the liabilities of the firm in case the firm’s assets are not adequate to meet its liabilities.

Anurag Pathak Changed status to publish December 14, 2023

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