If a partnership firm has incurred losses can the loss burden has to be borne by the partner even by selling his personal assets like his property incase he is not in a position to bear the losses.
05 June 2023
Liability of any payments to creditors or lenders lie on all the partners as per shares in partnership (other than LLP), but loss is shared or adjusted against any future income.
05 June 2023
Payment liability lies over partner/s, how it is paid depends upon the defaulters. Courts in such cases, have ordered to acquire the property/ies of defaulters to repay the appellants.
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