(i) What is the form of business in the above case?
Study the following case/situation and express your opinion :
Mr. Vishal and Mr. Rahul came together and formed a business under the agreement. They contributed capital by carrying unlimited liability.
(i) What is the form of business in the above case?
(ii) Explain the type of agreement and relation between Mr. Vishal and Mr. Rahul.
(iii) State the liability of partners.
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(i) This is a partnership firm.
(ii) Mr. Vishal and Mr. Rahul both are partners in this partnership firm.
(iii) The liability of partners is unlimited, joint, and several.
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