Assess the truth or falsity of the following statements under the Indian Partnership Act, 1932.…
Both statements are true. Section 31(1), subject to the partners’ contract and section 30, generally requires all existing partners’ consent to introduce a new partner.…
Choose your answer
Assess the truth or falsity of the following statements 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
Both statements are true. Section 31(1), subject to the partners’ contract and section 30, generally requires all existing partners’ consent to introduce a new partner. Section 32(1)(a) expressly permits retirement with all other partners’ consent. The statements do not say these are the only permitted arrangements.
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