Question
If a partner earns any personal profits from the business of the firm:
Solution
As per s.16 of the Indian Partnership Act, 1932- Section16 PERSONAL PROFITS EARNED BY PARTNERS. Subject to the contract between the partners, - (a) if a partner derives any profits for himself from any transaction of the firm, or from the use of the property or business connection of the firm or the firm-name, he shall account for that profit and pay it to the firm;
More Administrative Interpretation and Maxims Questions
- In which year government of India established Ministry of Food Processing Industries (MOFPI)?
- What is the primary purpose of the Hindu Marriage Act, 1955?
- Which of the following is true about a Minor's liability in a partnership firm?
- How many witnesses are required to prepare a written report when affixing the summons or notice on the person's premises, as per Regulation 11 of SEBI (Pro...
- The Conciliator shall _______ the parties in an independent and impartial manner in their attempt to reach an amicable settlement of their dispute.
- What does USDA stands for?
- Which one of the following is correct:
- The acceptance given by “Y’ on X’s invitation for lunch over phone is not a contract because of which one of the following?
- Section 12 of the Transfer of Property Act is not applicable:
- Contingency Fund ___
