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Teaching Business Studies Forms Of Business Organisation Question Bank MCQ - Forms of Business organisations

  • question_answer
    Consider the following statement(s).
    I. ‘Mutual agency’ relationship means that each partner is both an agent and principal.
    II. Liability of all the members of a partnership firm is unlimited.
    III. Personal assets may be used for repaying the debts in case business assets are insufficient.
    Which of the statement(s) given above is/are correct?

    A)  I and II                        

    B)  II and III

    C)         I and III                       

    D)  All of these

    Correct Answer: D

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