Question
Under the Indian Partnership Act, 1932, the liability of
partners for the firm's debts is:Solution
Section 9 of the Indian Partnership Act, 1932 provides that every partner is jointly and severally liable with the firm for all debts and obligations of the firm. This means a creditor can proceed against any partner for the entire debt. However, partners can be indemnified by the firm. Section 14 limits partners' rights to manage and bind the firm. [Citation: Sections 9 and 14, Indian Partnership Act, 1932]
- Select the most appropriate option to substitute the bolded segment in the given sentence.
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