Asked by Potenza Building Mtrl on May 11, 2024
Verified
A major disadvantage of the partnership form of organization is ______________ which makes each partner personally and individually liable for all partnership liabilities.
Unlimited Liability
Unlimited liability refers to the full responsibility of business owners to cover all debts and legal actions against the business, potentially using personal assets.
- Comprehend and utilize the notion of mutual agency alongside the concept of unlimited liability in partnership arrangements.
Verified Answer
GP
Learning Objectives
- Comprehend and utilize the notion of mutual agency alongside the concept of unlimited liability in partnership arrangements.