General Studies · Indian Partnership Act

Partnership firms are popular forms of business organization, especially among small and medium enterprises. From a lender's perspective, understanding the legal framework of the Indian Partnership Act, 1932, is crucial for assessing the liability of partners and the continuity of business during credit appraisal. Statement I: In a registered partnership firm, the liability of each partner for the debts of the firm is limited to the extent of their individual share in the partnership capital. Statement II: A bank can legally proceed against the personal assets of any partner to recover the firm's dues, as the partners' liability is joint and several. Statement III: If a partnership deed does not mention the duration of the partnership, it is considered a 'Partnership at Will', and any partner can dissolve it by giving a notice in writing to all other partners. Which of the following statements is/are correct?