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When the firm is named after the retiring partner, the retiring partner has a right to

When the firm is named after the retiring partner, the retiring partner has a right to Correct Answer Set up a precisely similar business but not under the same name

Related Questions

Which of the following are correct regarding rights of partners?
1. A partner has the right to allow the admission of a new partner.
2. Every partner has a right to take part in the management of business.
3. Every partner has a joint ownership of partnership property.
4. Every partner has a right to share the profit not the losses with other partners.
5. Every partner has a right to inspect the books of account and have a copy of the same.
6. In case of emergency, a partner has a right to act as a man of prudence.
Select the correct answer:
Which of the following are the consequences in case of insolvency of partner?
1. The partner adjudicated as insolvent ceases to be a partner.
2. He ceases on the date on which the order of adjudication is made.
3. The firm is dissolved on the date of the order.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication.
Select the correct answer:
The Propositions are:
(1) Where a partner of a professional business partnership borrows money in the usual and regular course of business stating that the money is to be used for partnership business but misappropriates it, the other partners shall be liable.
(2) Where money has been borrowed by a partner without authority, but has been applied to the legitimate business needs of the firm, the firm is liable.
(3) Where the act is within the scope of the implied authority of a partner, but it has been done by him, to the knowledge of the third party, not for the firm but for his own purposes, the firm is liable.
Which of the following is true in accordance with Indian Partnership Act, 1932 as to the aforesaid propositions?
A, B and C are partners in a firm. C retires and X admitted as a new partner. The firm did not give a public notice on the change but continued its business in its old firm name. Z, a customer of the firm, deals with the firm after the change and the firm becomes indebted to him:
A', 'B' and 'C' are partners in a partnership firm named A, B & C. 'A' retires from the firm without giving any public notice. Thereafter, an existing creditor lends Rs. ten lakh to the firm on the basis of his knowledge that 'A', 'B' and 'C' are the three partners in the firm. This amount remains unpaid by the firm. The creditor wants to recover the unpaid loan amount from the firm.
If a + b + c + d = 4, then find the value of $$\frac{1}{{\left( {1 - a} \right)\left( {1 - b} \right)\left( {1 - c} \right)}}$$     + $$\frac{1}{{\left( {1 - b} \right)\left( {1 - c} \right)\left( {1 - d} \right)}}$$     + $$\frac{1}{{\left( {1 - c} \right)\left( {1 - d} \right)\left( {1 - a} \right)}}$$     + $$\frac{1}{{\left( {1 - d} \right)\left( {1 - a} \right)\left( {1 - b} \right)}}$$     is?
If a + b + c + d = 4, then the value of $$\frac{1}{{\left( {1 - a} \right)\left( {1 - b} \right)\left( {1 - c} \right)}}$$     + $$\frac{1}{{\left( {1 - b} \right)\left( {1 - c} \right)\left( {1 - d} \right)}}$$     + $$\frac{1}{{\left( {1 - c} \right)\left( {1 - d} \right)\left( {1 - a} \right)}}$$     + $$\frac{1}{{\left( {1 - d} \right)\left( {1 - a} \right)\left( {1 - b} \right)}}$$     is?
When a transferring partner ceases to be a partner in the firm or where the firm comes, to be dissolved, the transferee of the partner's interest in the firm is entitled to
Every partner is jointly and severally liable for all acts of the firm. However, a minor can be admitted to the benefits of the firm. Liability of a partner is unlimited and he is personally liable for the acts of the firm. The liability of the minor in case of the acts of the firm is
When creditors continues to deal with the reconstituted firm after he is informed of the retirement of a partner and the agreement of release, the liability of the retiring partner towards the creditors