Business Studies · Partnership Act
In an emergency situation, what authority does a partner have to bind the firm according to the Indian Partnership Act, 1932?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Authority to transfer personal liabilities to the firm
- 2Authority limited only to dissolving the firm
- 3Authority to do all such acts to protect the firm from loss as would be done by a person of ordinary prudence✓
- 4No authority to take independent decisions
Correct answer
Authority to do all such acts to protect the firm from loss as would be done by a person of ordinary prudence
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