A partner who retires from a partnership firm, such partners no longer liable for debts or liabilities of the firm towards third persons from the date of his retirement
A. Yes, a retiring person is no longer liable because his liability is only till he continues as a partner of the partnership firm because of Section 13 of the Partnership Act
B. Yes, he is not liable, because after his retirement from the firm, the other partners no longer can act as the agents of the retiring partners as per Section 18 of the Partnership Act
C. A retiring partner is only liable for debt liabilities of the firm to a third person till a public notice is given of his retirement in view of Section 32 of the Partnership Act
D. Liability of the retiring partner will continue unless public notice of the retirement of the retiring partner of the firm is given both by the retiring partners also by the partnership firm
Answer: Option C
This Question Belongs to Law >> Indian Partnership Act
Section 25 of the Indian Partnership Act, 1932, provides for
A. Liability of the firm for the acts of a partner
B. Liability of a partner for the acts of the firm
C. Liability of the firm for the wrongful acts of a partner
D. Rights of a partner
Where a partner is entitled to interest on the capital subscribed, such interest is payable
A. Out of profits only
B. Out of capital if no profits
C. Out of capital if losses
D. Either (A) or (B) or (C)
Section 44(g) of the Indian Partnership Act, 1932, is to be regarded as
A. Independent of section 44(a) to 44(f) of the Act
B. Ejusdem generis with sections 44(a) to 44(f) of the Act
C. Either (A) or (B)
D. Only (A) and not (B)
A. Suit in respect of any transaction which forms an item of the partnership account
B. Suit for money lent by him to a firm of which he is a member
C. Suit for contributions in respect of moneys borrowed by him under an express agreement with them for the purposes of partnership
D. All the above
Join The Discussion