Partnership Agreement and Liability Quiz
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Questions and Answers

What is a key requirement for the formation of a partnership?

  • Having an agreement between two or more persons (correct)
  • Having a large amount of capital
  • Having a written partnership deed
  • Having a common business goal

    • In a partnership, how is the liability of each partner defined?

  • Each partner is not liable for any acts of the firm
  • Each partner is jointly and severally liable with all other partners (correct)
  • Each partner is liable separately to the third party
  • Each partner is liable only for his own acts

    • What role does each partner play in a partnership in terms of agency?

  • Each partner is not involved in agency relationships
  • Each partner can never bind other partners by his acts
  • Each partner is the principal and agent for all other partners (correct)
  • Each partner is only an agent for the other partners

    • What is the purpose of a Partnership Deed?

    <p>To specify the accounting period of the firm</p> Signup and view all the answers

    What are some of the contents typically found in a Partnership Deed?

    <p>Rate of interest on loan and drawings</p> Signup and view all the answers

    എന്താണ് പാർട്നർഷിപ്പ് സ്ഥാപിക്കാൻ ആവശ്യമായ ഒരു മുഖ്യ ആവശ്യം?

    <p>ബിസിനസ്സ് കരുതുന്ന ഒരു അഭിപ്രായം</p> Signup and view all the answers

    എക്കും ഒരു പാർട്നർ ആ വ്യാപാർ ചെയ്യേ കൂട്ടേ?

    <p>2</p> Signup and view all the answers

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