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Every partner is bound to attend diligently to his ……… in the conduct of the business.
- a)Rights.
- b)Meetings.
- c)Capital.
- d)Duties.
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
Every partner is bound to attend diligently to his ……̷...
Duties of every partner and the said duties are not subject to any contract to the contrary. Therefore, partners are bound to carry on the business of the firm to the greatest common advantage, to be just and faithful to each other and to render accounts and full information of all things affecting the firm to any partner or his legal representative and every partner is bound to indemnify the firm for any loss caused to it by fraud in the conduct of the business of the firm.every partner is bound to attend diligently to his duties in the conduct of business. a partner is not entitled to receive remuneration for taking part in the conduct of the business, the partner shall indemnify the firm from any loss caused due to his wilful neglect in the conduct of the business of the firm.
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Every partner is bound to attend diligently to his ……̷...
Duties of a Partner in a Business
Partnerships are business arrangements where two or more individuals share ownership of a business. In such an arrangement, each partner has specific duties to perform. One of the primary duties of a partner is to attend diligently to their duties in the conduct of the business. This statement means that each partner should be committed to performing their responsibilities and obligations towards the business.
The following are some of the duties of a partner:
1. Duty of Loyalty: Each partner owes a duty of loyalty to the partnership, which requires them to act in the best interest of the business. A partner should not engage in any activities or transactions that could harm the business or create a conflict of interest.
2. Duty of Care: A partner has a duty to exercise reasonable care and diligence in the management of the business. This duty requires a partner to make informed decisions and act with prudence when making business decisions.
3. Duty of Good Faith: A partner owes a duty of good faith to the partnership. This duty requires a partner to act honestly and fairly towards their partners and the business.
4. Duty to Contribute Capital: Each partner is required to contribute their share of capital to the business as agreed upon in the partnership agreement. This contribution can be in the form of cash, property, or services.
Conclusion
In conclusion, a partner has various duties to perform in a partnership, including attending diligently to their duties in the conduct of the business. A partner should be committed to performing their responsibilities and obligations towards the business, acting with loyalty, care, good faith, and contributing their share of capital.
Partnerships are business arrangements where two or more individuals share ownership of a business. In such an arrangement, each partner has specific duties to perform. One of the primary duties of a partner is to attend diligently to their duties in the conduct of the business. This statement means that each partner should be committed to performing their responsibilities and obligations towards the business.
The following are some of the duties of a partner:
1. Duty of Loyalty: Each partner owes a duty of loyalty to the partnership, which requires them to act in the best interest of the business. A partner should not engage in any activities or transactions that could harm the business or create a conflict of interest.
2. Duty of Care: A partner has a duty to exercise reasonable care and diligence in the management of the business. This duty requires a partner to make informed decisions and act with prudence when making business decisions.
3. Duty of Good Faith: A partner owes a duty of good faith to the partnership. This duty requires a partner to act honestly and fairly towards their partners and the business.
4. Duty to Contribute Capital: Each partner is required to contribute their share of capital to the business as agreed upon in the partnership agreement. This contribution can be in the form of cash, property, or services.
Conclusion
In conclusion, a partner has various duties to perform in a partnership, including attending diligently to their duties in the conduct of the business. A partner should be committed to performing their responsibilities and obligations towards the business, acting with loyalty, care, good faith, and contributing their share of capital.
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Every partner is bound to attend diligently to his ……… in the conduct of the business.a)Rights.b)Meetings.c)Capital.d)Duties.Correct answer is option 'D'. Can you explain this answer?
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