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A dormant is that partner

A dormant is that partner Correct Answer Who has never taken part in the conduct of the business as a partner but is liable for the act of the firm

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:
Choose the odd one out. The court has the option to order dissolution of a firm, where
1. a partner is of sound mind.
2. a partner do not suffer from permanent in capacity.
3. a partner is not guilty of misconduct of the business.
4. a partner transfers his interest or share to a third party.
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:
Who is dormant partner?
A dormant partner participates in:
A dormant partner is one who is
Who is a dormant partner?
In the company, there are two types of partner i.e working and sleeping partners. The commission paid by the company to their each working partner is 10 % of the total profit. There are two working partners who are paid Rs. 20000 each. The remaining profit is shared equally among the four partners. Find the amount paid to each sleeping partner in the business.
The difference between the compound interest and the simple interest for a certain sum of money at 7% in two years is Rs. 49. The same sum amount of money is invested by Rahul in a business with a partner in a ratio of 5 : 2 but only for three months whereas the other partner invests for the whole year. If the profit received by the other partner is Rs. 4800 calculate the profit received by Rahul.
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?