Which statements about changes in a firm’s membership are true under the Indian Partnership Act, 1932? Statement I. Unless the partners’ contract provides otherwise, admitting a person as a partner…
Question and options
Which statements about changes in a firm’s membership are true under the Indian Partnership Act, 1932?
Statement I. Unless the partners’ contract provides otherwise, admitting a person as a partner generally requires the consent of all existing partners.
Statement II. A partner may retire with the consent of all the other partners.
Statement I only
Statement II only
Both statements
Neither statement
Answer and explanation
Section 31(1) of the Indian Partnership Act, 1932, requires the consent of all existing partners to admission, subject to the partners’ contract and section 30. Section 32(1)(a) permits retirement with all the other partners’ consent.
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