Relationship of Partners
By Bharat Galani MeraSkill.com Š MeraSkill
Index Mutual Rights & Duties Authority of Partner Misc Points Reconstitution of firm
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Mutual Rights
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Mutual Rights Subject to agreement 1. Right to take part in conducting business - If stopped participating 2. Right to be consulted - majority rule, change nature of business-all 3. Right to access to books -exercised bona fide 4. Right to Remuneration -No, except customary or agreement 5. Right to Share Profit- Equal unless diff agreement. No Capital ratio 6. Interest on Capital -No, except as per agreement or custom or statute 7. Interest on advances - ex-loan.6%p.a runs even after dissolution. 8. Right to be indemnified - protecting firm, prudent person 9. Right to stop admission of a new partner- consent all Š MeraSkill
Mutual Rights Subject to agreement 10. Right to retire - consent all, partnership at will - notice 11. Right not to be expelled-unless majority partners,in agreement,good faith, benefit of firm 12. Right of outgoing partner to carry on competing business- not firm name, not represent firm, soliciting firm’s customer 13. Right of outgoing partner to share subsequent profits - option to have share of profit or interest @6%p.a 14. Right to dissolve the firm - consent of all, partnership at will-notice
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Duties
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Duties 1. Carry on business-greatest common advantage,faithful,true information. 2. Indemnify for his fraud or willful neglect 3. To attend duties diligently without remuneration. 4. Have partners advantage of his knowledge 5. To share loss 6. Return personal profit from firm’s assets or name 7. Return profit of competing business
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Quiz
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Every partner is bound to attend _____to his duties in the conduct of the business: (a) Systematically (b) Diligently (c) Sincerely (d) Effectively
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Every partner is bound to attend _____to his duties in the conduct of the business: (a) Systematically (b) Diligently (c) Sincerely (d) Effectively
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In absence of partnership deed interest on capital is charged for a fixed period of : (a) 12 months (b) 6 months (c) 3 months (d) Not payable
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In absence of partnership deed interest on capital is charged for a fixed period of : (a) 12 months (b) 6 months (c) 3 months (d) Not payable
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Interest on capital will be allowed only when: (a) There are heavy losses in the firm (b) There are no profits and no losses (c) There are profits (d) Always
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Interest on capital will be allowed only when: (a) There are heavy losses in the firm (b) There are no profits and no losses (c) There are profits (d) Always
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In case of Partnership, in the event of losses, unless agreed otherwise, the loss is to be borne by, all the partners (a) Equally (b) In profit sharing ratio (c) In capital ratios (d) By draw of lots
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In case of Partnership, in the event of losses, unless agreed otherwise, the loss is to be borne by, all the partners (a) Equally (b) In profit sharing ratio (c) In capital ratios (d) By draw of lots
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Under the Indian Partnership Act, 1932, in the absence of an agreement among the partners, profits of a firm shall be divided in the ratio of: (a) Capitals contributed by the partners. (b) Equally among the partners (c) Volume of business done by partners. (d) To be decided by the Court.
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Under the Indian Partnership Act, 1932, in the absence of an agreement among the partners, profits of a firm shall be divided in the ratio of: (a) Capitals contributed by the partners. (b) Equally among the partners (c) Volume of business done by partners. (d) To be decided by the Court.
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Every partner has a right to (a) Be remunerated (b) Be consulted (c) Receive interest on capital. (d) Do his own business
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Every partner has a right to (a) Be remunerated (b) Be consulted (c) Receive interest on capital. (d) Do his own business
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If profit sharing ratio is not specified in the partnership deed, then the profit is shared: (a) Equally (b) According to the seniority of partners (c) According to the capital contribution (d) According to qualification.
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If profit sharing ratio is not specified in the partnership deed, then the profit is shared: (a) Equally (b) According to the seniority of partners (c) According to the capital contribution (d) According to qualification.
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In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in__________to the losses of the firm : (a) Equally (b) Profit Sharing Ratio (c) Capital Ratio (d) Any of the above manner
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In the absence of specific provisions in the Partnership Deed, every partner is bound to contribute in__________to the losses of the firm : (a) Equally (b) Profit Sharing Ratio (c) Capital Ratio (d) Any of the above manner
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Every partner of a partnership firm has a right to take part in the Conduct of business of the firm (a) True (b) false (c) True, subject to Contract between the partners (d) True, Subject to the desire of the firm/Customers/clients.
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Every partner of a partnership firm has a right to take part in the Conduct of business of the firm (a) True (b) false (c) True, subject to Contract between the partners (d) True, Subject to the desire of the firm/Customers/clients.
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As per the agreement, profits should be shared equally but loss shall be borne by one partner.Then the partnership agreement is (a)Lawful (b)Illegal (c)Void (d)Voidable
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As per the agreement, profits should be shared equally but loss shall be borne by one partner.Then the partnership agreement is (a)Lawful (b)Illegal (c)Void (d)Voidable
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Authority of Partner
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Authority of a partner Authority= capacity of partner to bind other by his act. Express or Implied Implied Authority i. act related to normal business of the firm ii.act in usual way of carrying on the business iii.act in firm’s name or intention to bind firm No Implied authority beyond the scope of partnership Š MeraSkill No Implied authority beyond the normal course of business
Test of implied authority A,B & C partners . 1. Normal Mobile business. A without informing others buys smart phone. 2. Selling Books.A buys a real estate i.e Flat. 3.Trading Business. Borrows money through BOE. 4.Law Firm. Borrows money through BOE.
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Authority of Partners Express Authority Authority as agreed orally or As per Partnership deed
Implied Authority
Authority to do acts in Emergency
Authority to bind the firm Restricted by
This Act
Authority over & above implied authority for acts done for the benefit of the firm, in good faith
Agreement
1. Submit a dispute for arbitration 2. Open Bank account on behalf of firm in personal name 3. compromise or relinquish a claim against third party 4. withdraw a suit filed by firm 5. admit liability in a suit against the firm 6. acquire immovable property on behalf of firm 7. transfer immovable property belonging to firm 8. enter into partnership on behalf of firm
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Restriction on Implied Authority Statutory Restrictions (by this Act) Restriction imposed by mutual agreement
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Statutory restriction implied authority 1. 2. 3. 4. 5. 6. 7. 8.
Submit a dispute for arbitration Open Bank account on behalf of firm in personal name compromise or relinquish a claim against third party withdraw a suit filed by firm admit liability in a suit against the firm acquire immovable property on behalf of firm transfer immovable property belonging to firm enter into partnership on behalf of firm
Can do only if expressly allowed or by custom Š MeraSkill
Restriction on implied authority by Agreement By Mutual agreement extend or restrict implied authority. Third party not bound by such restriction, unless he has knowledge about such restriction. Eg - A,B & C partners .Selling Furniture. Agreed to not buy more than Rs.10,000. A Buys furniture of Rs.20,000 from X. X is not aware by restriction can enforce delivery & price.
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Partners authority in an Emergency 1. Over & above Implied authority. 2. Acts binds firms following conditions: i. Acts done to protect the firm from loss ii. Prudent man will take under those circumstances
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Misc Points
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Effect of admission by a partner - admission or representation (e.g acknowledgement signed by a partner) binds firm-relate to affairs of the firm, made in ordinary course of business.
Effect of notice to an acting partner Treated as notice to firm - Related to affair of firm - given to working partner and not tp a sleeping partner – provided fraud towards the firm not commited by partner & 3rd party
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Liability to Third Party i.Contractual Liability Jointly & severally (i.e individually) - acts of firm- when he is still a partner ii.Liability of firm for wrongful act or trot of a partner Loss or injury to third party - all partners are liable – in the ordinary course of business - with authority iii.Liability for misappropriation by partner Partner receives money from 3rd party & misappropriates or firm receives money from 3rd party & misapplied by partner Š MeraSkill
Personal Profits earned by partners Profit using firm’s - name, property, business connection OR From competing business Partner has to return benefit to firm. Exception : Non – competing business.
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Partnership Property Comprised of :1. Initially contributed by the partners 2. Acquired in the course of business 3. Goodwill Q – If a partner’s property is used for firm’s purposes or firm’s business, does it become firm’s property? A – No, it depends on the agreement between the partners
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Partnership Property - Goodwill 1. Definition - Brand value, reputation, etc. but dificult to define. 2. Acquired in the course of business of firm. Thus, a property of firm. 3. Sale of goodwill :i) Can be sold with other assets or separately. ii) Buyer and seller may make a non-compete agreement – in local area or for specified time
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Quiz
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X and Y are partners in a firm dealing in garments. X placed an order in the firm's name and on the firm's letter head for 10 bottles of wine to be supplied at his residence: (a) The firm is not liable for X's act' (b) The firm is liable for tort (c) X has acted within his implied authority (d) The firm is liable for X's Act
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X and Y are partners in a firm dealing in garments. X placed an order in the firm's name and on the firm's letter head for 10 bottles of wine to be supplied at his residence: (a) The firm is not liable for X's act' (b) The firm is liable for tort (c) X has acted within his implied authority (d) The firm is liable for X's Act
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In case of emergency a partner of the firm can act as. (a) An agent of the firm. (b) A master of the firm. (c) An employee of the firm. (d) All of the above.
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In case of emergency a partner of the firm can act as. (a) An agent of the firm. (b) A master of the firm. (c) An employee of the firm. (d) All of the above.
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A third party is not affected by the limitation of implied authority unless he has actual notice of it : (a) True (b) False (c) Partly true (d) None
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A third party is not affected by the limitation of implied authority unless he has actual notice of it : (a) True (b) False (c) Partly true (d) None
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Partner shall indemnify the Firm for any loss caused to it by his________ in the conduct of the Firm's business : (a) Negligence (b) Willful neglect (c) Interference (d) Over-indulgence
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Partner shall indemnify the Firm for any loss caused to it by his________ in the conduct of the Firm's business : (a) Negligence (b) Willful neglect (c) Interference (d) Over-indulgence
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Partnership property vests in the: (a) Partners of the firm (b) Firm itself (c) Senior partner of the firm (d) Solicitor General of India.
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Partnership property vests in the: (a) Partners of the firm (b) Firm itself (c) Senior partner of the firm (d) Solicitor General of India.
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The relationship of principal and agent may arise by : (a) Express or Implied Agreement (b) Ratification (c) Operation of Law (d) All of the above
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The relationship of principal and agent may arise by : (a) Express or Implied Agreement (b) Ratification (c) Operation of Law (d) All of the above
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Ravi, a partner of a firm, borrows money on his own credit by giving his own promissory note for the same, but he subsequently uses the proceeds of the note in the partnership concern of his own free will without any reference to the lender to do so.Which of the following is/are true? (a) The firm would be liable, provided the lender did not know the limitation on the authority of Ravi (b) The firm is not liable for the loan (c) Both are true (d) None of the above Š MeraSkill
Ravi, a partner of a firm, borrows money on his own credit by giving his own promissory note for the same, but he subsequently uses the proceeds of the note in the partnership concern of his own free will without any reference to the lender to do so.Which of the following is/are true? (a) The firm would be liable, provided the lender did not know the limitation on the authority of Ravi (b) The firm is not liable for the loan (c) Both are true (d) None of the above Š MeraSkill
An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in (a) All cases & circumstances (b) if it is made in the ordinary course of business (c) When it is in the best interest of the firm (d) When there are reasons to believe such admission
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An admission or representation made by a partner concerning the affairs of the firm is the evidence against the firm in (a) All cases & circumstances (b) if it is made in the ordinary course of business (c) When it is in the best interest of the firm (d) When there are reasons to believe such admission
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A change in nature of business can be effected only by : (a) Unanimous consent of all partners (b) Consent of majority partners (c) Consent of working partners (d) Consent of sleeping partners
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A change in nature of business can be effected only by : (a) Unanimous consent of all partners (b) Consent of majority partners (c) Consent of working partners (d) Consent of sleeping partners
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A third party deals with the firm without knowledge that 'A' (a sleeping partner) has retired from the firm. In such a case, 'A' : (a) Is not liable to the third parties (b) Is liable to the third parties (c) Is liable to firm (d) Is liable to continuing partners
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A third party deals with the firm without knowledge that 'A' (a sleeping partner) has retired from the firm. In such a case, 'A' : (a) Is not liable to the third parties (b) Is liable to the third parties (c) Is liable to firm (d) Is liable to continuing partners
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The implied authority of a partner in a firm does not empower him to : (a) Open a bank account on behalf of the firm (b) Engaging and discharging employees (c) Accepting any amount of debts due to the partnership firm (d) Enter into partnership on behalf of the firm
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The implied authority of a partner in a firm does not empower him to : (a) Open a bank account on behalf of the firm (b) Engaging and discharging employees (c) Accepting any amount of debts due to the partnership firm (d) Enter into partnership on behalf of the firm
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A, B, C are members of a banking firm. D who owes the firm Rs. 1,000 pays it to A. A without informing B and C about the payment by D, misappropriates the amount.Is D discharged of his debt to the firm by the payment made to A : (a) Yes, D is discharged of his debt (b) No, D is not discharged of his debt (c) D will be discharged when A will admit (d) None
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A, B, C are members of a banking firm. D who owes the firm Rs. 1,000 pays it to A. A without informing B and C about the payment by D, misappropriates the amount.Is D discharged of his debt to the firm by the payment made to A : (a) Yes, D is discharged of his debt (b) No, D is not discharged of his debt (c) D will be discharged when A will admit (d) None
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To bind the firm under implied authority, the act must be done in the _______of carrying on the firm's business : (a) Routine Way (b) Regular Way (c) Extraordinary Way (d) Usual Way
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To bind the firm under implied authority, the act must be done in the _______of carrying on the firm's business : (a) Routine Way (b) Regular Way (c) Extraordinary Way (d) Usual Way
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The implied authority of any partner may be : (a) Restricted by contract between partners (b) Extended by contract between partners (c) Either extended or restricted by contract between partners (d) Can be extended but not restricted by contract between partners
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The implied authority of any partner may be : (a) Restricted by contract between partners (b) Extended by contract between partners (c) Either extended or restricted by contract between partners (d) Can be extended but not restricted by contract between partners
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Which of the following is not covered by the term "Property of the firm" (a) Property and rights and interest in property originally brought into the stock of the firm (b) Property acquired by or for the firm (c) Goodwill of the business (d) Property of the partners
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Which of the following is not covered by the term "Property of the firm" (a) Property and rights and interest in property originally brought into the stock of the firm (b) Property acquired by or for the firm (c) Goodwill of the business (d) Property of the partners
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Right of a partner to open a bank account in his own name on behalf of the firm is covered by: (a) Partnership deed (b) Implied Authority (c) Indian Contract Act, 1872 (d) None of the above
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Right of a partner to open a bank account in his own name on behalf of the firm is covered by: (a) Partnership deed (b) Implied Authority (c) Indian Contract Act, 1872 (d) None of the above
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Which of the following acts are within the implied authority of a partner of a firm ? (a) Submit a dispute relating to the business of the firm in his own name. (b) Open a banking account on behalf of the firm in his own name. (c) Acquire immovable property on behalf of the firm. (d) Pledging as security, goods of the firm for loans obtained
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Which of the following acts are within the implied authority of a partner of a firm ? (a) Submit a dispute relating to the business of the firm in his own name. (b) Open a banking account on behalf of the firm in his own name. (c) Acquire immovable property on behalf of the firm. (d) Pledging as security, goods of the firm for loans obtained
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Which of the following acts is included in the implied authority of a partner ? (a) Withdrawing of suit (b) Pledging of goods for acquiring loan for the firm (c) Open a bank A/c on behalf of firm on his own name (d) File a suit.
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Which of the following acts is included in the implied authority of a partner ? (a) Withdrawing of suit (b) Pledging of goods for acquiring loan for the firm (c) Open a bank A/c on behalf of firm on his own name (d) File a suit.
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An act of a partner for acquiring an immovable property on behalf of the firm is within the provision of authority under, the Indian Partnership Act, 1932 (a) Implied (b) Semi Implied (c) Restricted (d) Express
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An act of a partner for acquiring an immovable property on behalf of the firm is within the provision of authority under, the Indian Partnership Act, 1932 (a) Implied (b) Semi Implied (c) Restricted (d) Express
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According to the Indian Partnership Act, 1932, the term act of the firm means an act or omission by_______ which gives an enforceable right to or against the firm : (a) Any partner (b) All the partner (c) Agent of the firm (d) Any of the above.
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According to the Indian Partnership Act, 1932, the term act of the firm means an act or omission by_______ which gives an enforceable right to or against the firm : (a) Any partner (b) All the partner (c) Agent of the firm (d) Any of the above.
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Reconstitution of Firm
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Reconstruction of firm Admission of new partner Retirement of partner Expulsion of partner Insolvency of partner Death of a partner Rights of transferee Continuing guarantee Rights & Duties after change in the firm Š MeraSkill
Introduction of a partner Subject to minor partner clause, a person admitted as partner i. consent of all the existing partners or ii. in accordance to exisiting agreement on admission of partner Liability of a Incoming partner for act before admission - Not liable except – i. New firm assumes the liability of old firm ii. Creditors accepts new firm as debtors and discharge’s old firm iii. Minor, attaining majority decides to become partner, liable for all acts since he was first admitted to the benefits of partnership.
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Retirement of a partner Partner may retire in following ways: i.
Consent of all partners; or
ii. In accordance with agreement (Partnership Deed); or iii. Partnership at will - giving notice to all other partners
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Liabilities of a Retiring Partners Firm’s acts before his retirement Continues to be liable – unless discharged by tripartite agreement (partners of reconstituted firm, himself & 3rd party) Firm’s acts after his retirement Continues to be liable till public notice. or not liable for one who deals with firm without knowing that he was a partner.
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Rights of a retiring partner Carry on competing business: i. Retiring partner may carry on a competing business – subject to the agreement ii. He can also advertise for his business However a retiring partner can not – i. use firm’s name, represent as carrying on firm’s business ii. solicit firm’s clients. Right in case of no final settlement of accounts: He can claim either of following:i. share of profit attributed to use of his share of property in firm ii. Interest @6%p.a on amt of his share in the property © MeraSkill
Expulsion of a partner if following conditions are satisfied: i. power to expel exist in the contract ii.power exercised by majority of the partners iii.good faith not private animosity iv.opportunity to make representation before expulsion Not followed conditions, expulsion void. right to reinstalment.
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Insolvency of a partner i. He ceases to be a partner from the date of order ii. Unless otherwise agreed, firm is dissolved. iii.His estate not liable to firm’s act after the date of order iv.Firm not liable to his act after the date of order No public notice is required for insolvency
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Death of a partner i.Unless otherwise agreed, firm is dissolved ii. If firm not dissolved, estate for deceased partner not liable for any act of the firm done after the date of death. No public notice is required for death
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Rights of Transferee of a Partner’s share i.e Sub-partnership Partner may transfer ,mortgage his interest in the firm. Rights of sub-partner i. During the partnership-entitled to share of profit. Not entitled to -interfere in conduct of business, require or inspect books of accounts ii.On dissolution or retirement of transferring partner receive share of transferring partner. on dissolution inspect accounts to ascertain his share.
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Revocation of continuing guarantee continuing guarantee Unless otherwise agreed- continuing guarantee is revoked as to future transaction from the date of change in the constitution of firm.
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Rights & duties of partner after change in firm Rights & duties remain same as they were before the change in firm. Following are the types of changes: i. Change in constitution of firm ii. Firm continues after the expiry of the term of firm iii. Firm carries on additional undertakings.
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Quiz
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A third party deals with the firm without knowledge that Mr X has been expelled from the firm. In such a case, Mr X (a) Is liable to the firm (b) Is liable to third parties (c) Is liable to the continuing partners (d) Is not liable to the third partners
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A third party deals with the firm without knowledge that Mr X has been expelled from the firm. In such a case, Mr X (a) Is liable to the firm (b) Is liable to third parties (c) Is liable to the continuing partners (d) Is not liable to the third partners
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In case of transfer of partner's interest u/s 29, the transferee is entitled to : (a) To inspect books of the firm (b) To receive the share of the transferring partner (c) To interfere with the Conduct of the business (d) To require accounts
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In case of transfer of partner's interest u/s 29, the transferee is entitled to : (a) To inspect books of the firm (b) To receive the share of the transferring partner (c) To interfere with the Conduct of the business (d) To require accounts
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A new partner can be admitted in the firm with the consent of : (a) Unanimous consent of all the partners (b) Consent of the majority of the partners (c) Special majority of partners (d) New partner only
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A new partner can be admitted in the firm with the consent of : (a) Unanimous consent of all the partners (b) Consent of the majority of the partners (c) Special majority of partners (d) New partner only
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Expulsion of a partner which is not in accordance with the provisions of Section 33 of the Indian Partnership Act, 1932 is
(a) Null & Void (b) Null & Void to some extent (c) Is Unconstitutional (d) In good faith and in the interest of partnership
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Expulsion of a partner which is not in accordance with the provisions of Section 33 of the Indian Partnership Act, 1932 is
(a) Null & Void (b) Null & Void to some extent (c) Is Unconstitutional (d) In good faith and in the interest of partnership
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A, B, C are partners where C is a sleeping partner who retries without giving a public notice. Which of the following is/are true? (a) C is liable for the subsequent debts incurred by A and B (b) C is not liable for the subsequent debts incurred by A and B (c) C's retirement results in dissolution of partnership (d) None
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A, B, C are partners where C is a sleeping partner who retries without giving a public notice. Which of the following is/are true? (a) C is liable for the subsequent debts incurred by A and B (b) C is not liable for the subsequent debts incurred by A and B (c) C's retirement results in dissolution of partnership (d) None
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A partner may be expelled from the firm on the fulfilment of the condition that the expulsion power is exercised (a) In good faith (b) As given by express contract (c) By majority of partners (d) All of these
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A partner may be expelled from the firm on the fulfilment of the condition that the expulsion power is exercised (a) In good faith (b) As given by express contract (c) By majority of partners (d) All of these
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For the Acts of the firm : (a) Minor is personally liable (b) Minor's share is liable (c) Guardian is personally liable (d) There is no liability at all for or on behalf of the minor
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For the Acts of the firm : (a) Minor is personally liable (b) Minor's share is liable (c) Guardian is personally liable (d) There is no liability at all for or on behalf of the minor
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Public notice is not required when (a) There is admission of new partner (b) There is retirement of any partner (c) There is expulsion of any partner (d) There is dissolution of the firm
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Public notice is not required when (a) There is admission of new partner (b) There is retirement of any partner (c) There is expulsion of any partner (d) There is dissolution of the firm
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The test of good faith is provided under Section 33 (1) of the Indian Partnership Act, 1932 requires the following : (a) That the partner to be expelled is served with a notice (b) That he is given an opportunity of being heard (c) That the expulsion must be in the interest of the partnership (d) All of the above
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The test of good faith is provided under Section 33 (1) of the Indian Partnership Act, 1932 requires the following : (a) That the partner to be expelled is served with a notice (b) That he is given an opportunity of being heard (c) That the expulsion must be in the interest of the partnership (d) All of the above
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The heirs of the deceased partner : (a) Can become a partner in the firm of the deceased partner only if the surviving partners give their consent in this regard (b) Does not have a right to become a partner in the firm of the deceased partner (c) Has a right to become a partner in the firm of the deceased partner (d) Both (a) AND (b)
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The heirs of the deceased partner : (a) Can become a partner in the firm of the deceased partner only if the surviving partners give their consent in this regard (b) Does not have a right to become a partner in the firm of the deceased partner (c) Has a right to become a partner in the firm of the deceased partner (d) Both (a) AND (b)
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Reconstitution of firm takes place in case of : (a) Admission of partner (b) Retirement of partner (c) Expulsion of partner (d) All of the above.
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Reconstitution of firm takes place in case of : (a) Admission of partner (b) Retirement of partner (c) Expulsion of partner (d) All of the above.
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The partner of the firm can be expelled from the firm with the consent of : (a) All the partners (b) Majority of the partners (c) Any working partner of the firm (d) None of the above.
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The partner of the firm can be expelled from the firm with the consent of : (a) All the partners (b) Majority of the partners (c) Any working partner of the firm (d) None of the above.
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When are the assets and liabilities of a firm revalued: (a) On admission of a new partner (b) On retirement of a partner (c) On death of a partner (d) In all the above situations
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When are the assets and liabilities of a firm revalued: (a) On admission of a new partner (b) On retirement of a partner (c) On death of a partner (d) In all the above situations
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If a partner is expelled because of personal issues by majority of the partners it is (a) Valid (b) Void (c) Voidable (d) Bonafide
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If a partner is expelled because of personal issues by majority of the partners it is (a) Valid (b) Void (c) Voidable (d) Bonafide
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Change in constitution of firm takes place in following cases except: (a) Change in profit sharing ratio (b) Admission of a Partner (c) Death of a Partner (d) Retirement of Partner
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Change in constitution of firm takes place in following cases except: (a) Change in profit sharing ratio (b) Admission of a Partner (c) Death of a Partner (d) Retirement of Partner
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In case of________ the continuing guarantee given to the partnership in respect to the transactions of the firm, is revoked for the future transactions (a) Dissolution of firm (b) Insolvency of a partner (c) Change in constitution of the firm (d) None of the above.
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In case of________ the continuing guarantee given to the partnership in respect to the transactions of the firm, is revoked for the future transactions (a) Dissolution of firm (b) Insolvency of a partner (c) Change in constitution of the firm (d) None of the above.
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When a partner in a firm is adjudicated as insolvent as per the Indian partnership Act, 1932, he ceases to be a partner : (a) On the date of order of adjudication (b) On the date of dissolution of the firm (c) The date of intimation of the insolvency of the firm (d) The date decided by the partnership firm
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When a partner in a firm is adjudicated as insolvent as per the Indian partnership Act, 1932, he ceases to be a partner : (a) On the date of order of adjudication (b) On the date of dissolution of the firm (c) The date of intimation of the insolvency of the firm (d) The date decided by the partnership firm
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In case of __________the continuing guarantee given to the firm or the third party in respect of the transaction of the firm, the continuing guarantee is revoked as to future transactions of the firm: (a) Dissolution of the firm (b) Death of partner (c) Insolvency of partner (d) Change in the constitution of the firm
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In case of __________the continuing guarantee given to the firm or the third party in respect of the transaction of the firm, the continuing guarantee is revoked as to future transactions of the firm: (a) Dissolution of the firm (b) Death of partner (c) Insolvency of partner (d) Change in the constitution of the firm
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Summary Admission of new partner Retirement of partner Expulsion of partner Insolvency of partner Death of a partner Rights of transferee Continuing guarantee Rights & Duties after change in the firm Š MeraSkill
Conclusion Mutual Rights & Duties Authority of Partner Misc Points Reconstitution of firm
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