A person is liable as a partner of a partnership firm only if he is a partner by an express written contract.
A. No, a person is liable as a partner by an implied contract provided thereafter the implied contract is got registered before the Sub Registrar
B. No, a person is liable as a partner even by holding himself out as a partner of the partnership firm but only to that person who has on the faith of such holding out has given credit to the partnership firm
C. A person who holds himself out as a partner will be liable as a partner of the firm only when the third person who deals with the partnership firm has informed the person holding out that he is acting with the firm on the basis of such holding out
D. A person holding out is liable to a third person only if the third person has given a public notice
Answer: Option B
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
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