law 4

Question 1

PARTNERSHIP DEED

Answer 1

A partnership deed is an agreement between the partners of a firm that outlines the terms and
conditions of partnership among the partners.

Question 2

TYPES OF PARTNERS

Answer 2

sleeping
nominal 
secert
minor
partner by estoppel
partner by profit only
active partner
partner by holding out

Question 3

Rights of a Partner

Answer 3

• Right to take part in business
• Right to be consulted
• Right of access to books, record and document
• Right to share profit
• Right to receive interest
• Right to be indemnified
• Right to use partnership property for the business
• Right to retire
• Right to continue

Question 4

Duties of Partner

Answer 4

Duty to carry on business
•Duty to be true
•Duty to render true accounts
•Duty to indemnity the firm
•Duty to share the loss
•Duty to claim remuneration
•Duty not to use firm’s property for personal use
•Duty not to carry on competing business
•Duty to act within scope of his authority