Subject to the partners’ contract, which of these statements are correct under section 12 of the Indian…
Subject to the partners’ contract, section 12(a) permits each partner to take part in the business, section 12(b) requires diligence, and section 12(d) grants access to…
Choose your answer
Subject to the partners’ contract, which of these statements are correct under section 12 of the Indian Partnership Act, 1932?
I. Every partner may take part in the conduct of the business.
II. Every partner must attend diligently to their duties in conducting the business.
III. Every partner may access, inspect and copy the firm’s books.
Answer and explanation
Correct answer D
Subject to the partners’ contract, section 12(a) permits each partner to take part in the business, section 12(b) requires diligence, and section 12(d) grants access to inspect and copy the firm’s books.
Option feedback
Option A
This combination omits the right to access, inspect and copy the firm’s books in section 12(d).
Option B
This combination omits the duty to attend diligently to the business in section 12(b).
Option C
This combination omits each partner’s right to participate in conducting the business under section 12(a).
Option D
All three statements accurately state the default rules in section 12(a), (b) and (d).
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