Forms of Busine...

Where a partnership firm is formed for a particular undertaking or undertakings, it proceeds to carry on other undertaking or undertakings, in that event the mutual ________ of the partners in respect of the other adventures or undertakings are the same as those in respect of the original adventures of undertakings.

In the absence of agreement, express or implied, the property of the firm is deemed to include _______________________________.

Identify the incorrect sentence.

Which of the following partners are not liable in relation to the firm?

A and B entered into an agreement to carry on a business of manufacturing and selling toys. Each one of them contributed Rs. $$35$$ lakhs as their capital with a condition that A and B will share the profits equally, but the loss, if any is to be borne by A alone. Referring to the provisions of the Indian Partnership Act, $$1932$$ decide whether there exists a partnership between A and B.

A partner can transfer his interest so as to substitute the transferee in his place as the partner, without the consent of all the other partners; a member of company cannot transfer his share to any one he likes.

Every partner is entitled to share in the profits ________, unless different proportions are stipulated.

Partner shall indemnify the firm for any loss caused to it but his _______ in the conduct of the firm's business.

Which of the following statement is incorrect as to a minor's position in a partnership firm?

ABC & Co., a firm consists of three partners A, B and C having one-third share each in the firm. According to A and B, the activities of C are not in the interest of the partnership and thus want to expel C from the firm. Advise A and B whether they can do so ___________.