What are the general duties of partners under the Partnership Act?

Partners must conduct business for mutual benefit, provide full information to each other, and act in utmost good faith.

Fill in the blank: A partner must indemnify the firm for losses caused by ___ in the conduct of the firm’s business.

Willful neglect

True or False: A partner can engage in any business outside the firm without restrictions.

False. A partner cannot engage in any business outside the firm while they remain a partner unless specified otherwise in the partnership agreement.

What rights do partners have concerning access to the firm’s books?

Every partner has the right to access, inspect, and copy the firm's books.

How are profits shared among partners if there is no specific agreement on profit sharing?

Profits are assumed to be shared equally among partners.

What happens to a partner’s authority in an emergency situation?

A partner can take necessary actions to safeguard the firm from potential losses, and such actions are binding on the firm.

What is the consequence of a partner's expulsion if not conducted in good faith?

The expulsion is invalid, and the partnership continues as before.

True or False: A minor can be held personally liable for the debts of a partnership.

False. A minor is not personally liable for the debts of the partnership incurred during their minority.

Under what condition can a new partner assume liabilities for a firm’s past obligations?

A new partner can agree to be liable for obligations incurred before their admission only if all existing partners consent.

What must a partner do to validly retire from a partnership?

A partner can retire with the consent of all partners, as per the partnership agreement, or by giving notice if the partnership is at will.

What is the effect of a partner’s death on the partnership?

The partnership is typically dissolved unless the partners have agreed otherwise.