Assess the truth or falsity of the following statements by picking the right option under the Indian…
Under sections 31 and 32(1)(a) of the Indian Partnership Act, 1932, introducing a new partner into a firm generally requires the consent of all the existing partners, and an…
Choose your answer
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
Under sections 31 and 32(1)(a) of the Indian Partnership Act, 1932, introducing a new partner into a firm generally requires the consent of all the existing partners, and an existing partner may retire from the firm only with the consent of all the other partners, so both statements are correct.
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