Chapter 11 Partnership Flashcards
1
Q
Partnership
A
Partnership is a relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all
2
Q
Third party
A
Any person who is not a partner in the firm
3
Q
Act of the firm
A
It means act done by a partner (within his authority) which gives right enforceable by or against the firm
4
Q
Act of the firm
A
It means act done by a partner (within his authority) which gives right enforceable by or against the firm