CA Foundation Exam > CA Foundation Questions > Each of the Partner is__________________a)Pri...
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Each of the Partner is__________________
- a)Principals as well agents
- b)Only Agents of the firm
- c)Only Representatives of the firm
- d)Only Co-partners of the firm
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
Each of the Partner is__________________a)Principals as well agentsb)O...
Each of the Partner is__________________
The correct answer is option A: Principals as well agents.
Here is a detailed explanation:
Definition of Partner:
A partner is an individual who shares ownership of a business with one or more people. Partnerships are a common form of business organization where two or more individuals come together to carry out a business venture.
Explanation of the options:
A: Principals as well agents - This means that each partner acts both as a principal, representing their own interests, and as an agent, representing the interests of the partnership as a whole. Partners have the authority to make decisions on behalf of the partnership and bind the partnership to contracts and obligations.
B: Only Agents of the firm - This option implies that partners are solely acting as agents of the firm and do not have any ownership or control over the business.
C: Only Representatives of the firm - This option suggests that partners are only representatives of the firm and do not have any decision-making authority or ownership in the business.
D: Only Co-partners of the firm - This option indicates that partners are only co-owners of the firm and do not have any other roles or responsibilities.
Explanation of the correct answer:
The correct answer is option A: Principals as well agents. Partners in a partnership have a dual role where they act as both principals, representing their own interests, and agents, representing the partnership as a whole. This means that they have the authority to make decisions on behalf of the partnership and bind the partnership to contracts and obligations.
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The correct answer is option A: Principals as well agents.
Here is a detailed explanation:
Definition of Partner:
A partner is an individual who shares ownership of a business with one or more people. Partnerships are a common form of business organization where two or more individuals come together to carry out a business venture.
Explanation of the options:
A: Principals as well agents - This means that each partner acts both as a principal, representing their own interests, and as an agent, representing the interests of the partnership as a whole. Partners have the authority to make decisions on behalf of the partnership and bind the partnership to contracts and obligations.
B: Only Agents of the firm - This option implies that partners are solely acting as agents of the firm and do not have any ownership or control over the business.
C: Only Representatives of the firm - This option suggests that partners are only representatives of the firm and do not have any decision-making authority or ownership in the business.
D: Only Co-partners of the firm - This option indicates that partners are only co-owners of the firm and do not have any other roles or responsibilities.
Explanation of the correct answer:
The correct answer is option A: Principals as well agents. Partners in a partnership have a dual role where they act as both principals, representing their own interests, and agents, representing the partnership as a whole. This means that they have the authority to make decisions on behalf of the partnership and bind the partnership to contracts and obligations.
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Each of the Partner is__________________a)Principals as well agentsb)Only Agents of the firmc)Only Representatives of the firmd)Only Co-partners of the firmCorrect answer is option 'A'. Can you explain this answer?
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