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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