Assess the truth or falsity of the following statements by picking the right option under the Indian…
Consent of all existing partners is generally needed to introduce a new partner (s.31), and a partner may retire with the consent of all the other partners (s.32(1)(a)), so…
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Assess the truth or falsity of the following statements by picking the right option under the Indian Partnership Act, 1932.
Statement I: Consent of all existing partners is generally required for introduction of a new partner into a firm.
Statement II: A partner may retire with the consent of all other partners in the firm.
Answer and explanation
Correct answer C
Consent of all existing partners is generally needed to introduce a new partner (s.31), and a partner may retire with the consent of all the other partners (s.32(1)(a)), so "Both I and II are true".
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