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LIABILITIES OF PARTNERS
1. Loss Liability :In case of loss each partner will equally contribute the loss. If there is no agreement.
2. Liability of All Actions :All the partners of the firm are jointly responsible for all the actions done by the firm.
3. Liability of New Partner :A new partner is liable for all the acts of the firm done after he becomes a partner.
4. Liability of Insolvent Partner :The property of insolvent partner is not liable for any obligations of the firm after the date on
which the order of insolvent is issued by the Court.
5. Liability of Deceased Partner :If a partner dies and the firm suffers losses the property of the deceased can not be held liable
for any payment.
6. Liability of Retired Partner :A retired partner will not be responsible for any act of the firm after the date of retirement.
7. Liability of Fraud :If any partner commits fraud the other partners will also be equally liable.