Doubts

SOLUTION As per Companies Act, 2013. the maximum number of partners in a partnership firm can be 50.   

SOLUTION Two.   

SOLUTION Second implication of this statement is that there exists a relation of mutual agency among the partners.   

SOLUTION The personal assets of the partner can be utilized for paying firm's debts.   

SOLUTION (i) Partners are individually called ‘Partners’. (ii)Partners are collectively called ‘Firm’.   

SOLUTION From legal viewpoint, Partnership firm has no separate legal entity because it is not a body corporate. Its entity is affected by the retirement, death or insolvency of its…

SOLUTION Mutual agency means every partner works as principal for himself as well as other partners.

SOLUTION Liability of partners is Unlimited and Several (i.e., personal assets can b utilized to pay off 'the debts of the firm.)

SOLUTION