Question

In case of partnership the act of any partner is :
(A) Binding on all partners
(B) Binding on that partner only
(C) Binding on all partners except that particular partner
(D) None of the above
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Answer 1

Answer:

Binding on all partners

Answer 2

The correct answer is OPTION A: Binding on all partners.

• A partnership is a mutually beneficial and talent-matched arrangement.
• A corporate collaboration has several advantages.
• Each partner adds something unique to the organization and aids others in conquering obstacles.
• Partnerships can also benefit from limited liability partnerships in terms of legal protection.
• A legally binding partnership, on the other hand, demands that each partner be assigned certain roles and obligations, as well as financial and future planning expectations for the organization.
• A plan for dealing with the exit of one of the business partners should also be in place.
• To reap the full benefits of limited liability partnerships, they must be registered regularly.