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Write a short note on partnership according to liability.

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Write a short note on partnership according to liability.

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Partnership according to liability:

  • Partnership with limited liability: partnership firm where in one partner is allowed to have limited liability and all remaining partners have unlimited liability is called a partnership with limited liability. This is a special type of partnership.
  • Partnership firm with unlimited liability: The partnership firm in which the liability of each member is unlimited is called a partnership firm with unlimited liability.
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