CA Foundation Exam > CA Foundation Questions > Partnership property vests :a)In the partners...
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Partnership property vests :
- a)In the partners of the firm
- b)In the firm itself
- c)In senior partner of the firm
- d)In solicitor general of India
Correct answer is option 'B'. Can you explain this answer?
Most Upvoted Answer
Partnership property vests :a)In the partners of the firmb)In the firm...
A firm under the general law is not a distinct legal entity and has no legal existence of its own. The partnership property vests in all the partners and in that sense every...partner has an interest in assets of the partnership. However, during the subsistence of the partnership no partner can deal with any portion of the property as his own. In...: “....The whole concept of partnership is to embark upon a joint venture and for that purpose to bring in as capital money or even property including immovable property.
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Partnership property vests :a)In the partners of the firmb)In the firm...
Partnership property vests in the firm itself.
Explanation:
- Partnership property refers to the assets and liabilities that are owned by the partnership as a whole, rather than by individual partners.
- When partners contribute capital or assets to the partnership, these become partnership property.
- Similarly, when the partnership earns income or acquires assets using partnership funds, these also become partnership property.
- Partnership property is not owned by any individual partner, but rather by the partnership as a whole.
- Therefore, partnership property vests in the firm itself, rather than in the partners of the firm or any other individual.
- This means that if a partnership dissolves or if a partner leaves the partnership, the partnership property remains with the firm and is not divided among the partners or taken by the departing partner.
- However, individual partners may have a share in the partnership property based on their ownership interest in the firm, which is typically outlined in the partnership agreement.
Explanation:
- Partnership property refers to the assets and liabilities that are owned by the partnership as a whole, rather than by individual partners.
- When partners contribute capital or assets to the partnership, these become partnership property.
- Similarly, when the partnership earns income or acquires assets using partnership funds, these also become partnership property.
- Partnership property is not owned by any individual partner, but rather by the partnership as a whole.
- Therefore, partnership property vests in the firm itself, rather than in the partners of the firm or any other individual.
- This means that if a partnership dissolves or if a partner leaves the partnership, the partnership property remains with the firm and is not divided among the partners or taken by the departing partner.
- However, individual partners may have a share in the partnership property based on their ownership interest in the firm, which is typically outlined in the partnership agreement.
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Partnership property vests :a)In the partners of the firmb)In the firm itselfc)In senior partner of the firmd)In solicitor general of IndiaCorrect answer is option 'B'. Can you explain this answer?
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