Question

State whether the following statements are true or false:
(i) Valid partnership can be formulated even without a written agreement between the partners,
(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners,
(iii) Maximum number of partners can be 50,
(iv) Methods of settlement of dispute among the partners can’t be part of the partnership deed,
(v) If the deed is silent, interest at the rate of `6% `p.a. would be charged on the drawings made by the partner,
(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.

Answer 1

Answer:

true

true

false

false

true

false