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    Question

    What is a partner obligated to do in case of wilful

    neglect in conducting the firm's business?
    A Seek legal advice Correct Answer Incorrect Answer
    B Indemnify the firm for the loss Correct Answer Incorrect Answer
    C Terminate the partnership agreement Correct Answer Incorrect Answer
    D Compensate the partner who suffered the loss Correct Answer Incorrect Answer
    E Ignore the situation and continue business as usual Correct Answer Incorrect Answer

    Solution

    The Indian Partnership Act Section 13. Mutual rights and liabilities: (f) a partner shall indemnify the firm for any loss caused to it by his wilful neglect in the conduct of the business of the firm.

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