CA Foundation Exam > CA Foundation Questions > Every partner has a right to:a)Be remunerated...
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Every partner has a right to:
- a)Be remunerated
- b)Be consulted
- c)Receive interest on capital
- d)Do his own business
Correct answer is option 'B'. Can you explain this answer?
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Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive i...
Rights of Partners:
Broadly, the provisions of the Act regarding rights, duties and powers of partners are as under:
(a) Every partner has a right to take part in the conduct and management of business.
(b) Every partner has a right to be consulted and heard in all matters affecting the business of the partnership.
(c) Every partner has a right of free access to all records, books and accounts of the business, and also to examine and copy them.
(d) Every partner is entitled to share the profits equally.
(e) A partner who has contributed more than the agreed share of capital is entitled to interest at the rate of 6 per cent per annum. But no interest can be claimed on capital.
(f) A partner is entitled to be indemnified by the firm for all acts done by him in the course of the partnership business, for all payments made by him in respect of partnership debts or liabilities and for expenses and disbursements made in an emergency for protecting the firm from loss provided he acted as a person of ordinary prudence would have acted in similar circumstances for his own personal business.
(g) Every partner is, as a rule, joint owner of the partnership property. He is entitled to have the partnership property used exclusively for the purposes of the partnership.
(h) A partner has power to act in an emergency for protecting the firm from loss, but he must act reasonably.
(i) Every partner is entitled to prevent the introduction of a new partner into the firm without his consent.
(J) Every partner has a right to retire according to the Deed or with the consent of the other partners. If the partnership is at will, he can retire by giving notice to other partners.
(k) Every partner has a right to continue in the partnership.
(l) A retiring partner or the heirs of a deceased partner are entitled to have a share in the profits earned with the aid of the proportion of assets belonging to such outgoing partner or interest at six per cent per annum at the option of the outgoing partner (or his representative) until the accounts are finally settled.
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Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer?
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Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer?.
Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Every partner has a right to:a)Be remuneratedb)Be consultedc)Receive interest on capitald)Do his own businessCorrect answer is option 'B'. Can you explain this answer?.
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