The Partnership Act allows the partners to change their liabilities and obligations to third parties.

Question

Quizplus · Accepted Answer

The Partnership Act does not allow partners to change their liabilities and obligations to third parties. Partners are jointly and severally liable for the debts and obligations of the partnership. However, partners can agree among themselves to limit the extent of their liability to each other through a partnership agreement or contract.

The Partnership Act Allows the Partners to Change Their Liabilities