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Distinguish between firm’s debts and par...

Distinguish between firm’s debts and partner’s private debts.

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Firm’s debts

Debts owed by a firm to outsiders .
All the partners square measure liable collectively responsible to pay the liability .
Last priority, i.e., after the disposal of personal debts .

Partner’s private debts

Debt owed by partner to the other person
Only the involved partner is control and severally to firm's debt .
First priority to individual, i.e., personal debts .
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