Forms of Busine...

Every partner is bound to attend _________ to his duties, in the conduct of the business.

___________ can assign or transfer his partnership interest to any other person, so as to make him a partner in the business.

Property of the firm shall be held by use of the partners __________.

For loss caused to the firm by his fraud in the conduct of the business, every partner shall __________.

Every partner is an agent of the firm and of other partners for __________________.

Identify which of the following statement is true and which is false.
P. Registration of firm does not create partnership, but is only the evidence of existence of partnership.
Q. A partnership firm has to be compulsorily registered in order to commence its business.
R. Registration of firm may be effected at any time during the continuance of partnership.
Select the correct answer from the options given.

The implied authority of any partner may be _________________.

Upon dissolution, which is the proper order for application of the Firm's assets?
I. Payment of partners loan
II. In paying the debts of the firm to third parties
III. Distribution of surplus to partners in profit sharing ratio
IV. Payment of partners capital
Select the correct answer from the options given.

Which of the following act is within the implied authority?

Which of the following is NOT required to be given in an application for registration of a firm?