The liability by holding out, in case of retiring partner, continues up to the

The liability by holding out, in case of retiring partner, continues up to

A

Date of retirement

B

Date of public notice about such retirement

C

Date of notice to other partners about such retirement

D

Whichever is either out of (A), (B) and (C)

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:

A

1, 2, 3, 4

B

2, 3, 4, 6

C

3, 4, 5, 6

D

2, 3, 5, 6

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

A

Comes to an end

B

Still remains

C

Partly comes to an end and partly remains

D

Either (A) or (C)

Propositions as regards the liability of the surety under the surety bond are:
1. The liability of the surety is mutually exclusive of the liability of the accused under his personal bond.
2. The liability of the surety is contingent on the liability of the accused under his personal bond the liability of the surety.
3. is limited to the amount of the surety bond.
Now which of the following is correct

A

1 and 3 are correct

B

1 and 2 are correct

C

2 and 3 are correct

D

1, 2 and 3 all are correct

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

A

Set up a precisely similar business under the same name

B

Set up a precisely similar business but not under the same name

C

Set up a precisely similar business under a new name which suggests a connection with the firm he has left

D

Either (B) or (C)

Where a retiring partner has agreed with his co-partners, under which he is released from liability for outstanding debts, his liability to the creditors

A

Comes to an end

B

Still remains

C

Partly comes to an end and partly remains

D

Either (B) or (C)

In cases, where there is an agreement to purchase the share of a partner, the value of the share of the outgoing partner or retiring partner shall be ascertained on the basis of

A

Value of share on the date of retirement

B

Value of share on the date of admission of the retiring partner

C

Value on the date of commencement of the partnership business

D

None of above

A retiring partner continues to be liable for obligations incurred after his retirement if

A

Unpaid amount is transferred to his loan account

B

He does not givea public notice

C

He starts a similar business elsewhere

D

In all the situations till he survives

A retiring partner continues to be liable for obligations incurred after his retirement

A

if unpaid amount is transferred to his loan account

B

if he does not give public notice

C

if he starts a similar business elsewhere

D

in all the situations till he survives

A retiring partner continues to be liable for obligations incurred after his retirement:

A

If unpaid amount is transferred to his loan account

B

If he does not give public notice

C

It he starts a similar business elsewhere

D

In all the situations till he survies

The liability by holding out, in case of retiring partner, continues up to the

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