Assertion :A partner has no power to act in an emergency for protecting the firm from loss. Reason: Not every partner has a right to retire by giving notice where the partnership is at will.

Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

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Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion

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Assertion is correct but Reason is incorrect

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Both Assertion and Reason are incorrect

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Solution

The correct option is A Both Assertion and Reason are correct and Reason is the correct explanation for Assertion

The partnership which is started at the will of the partners where the firm stands dissolved whenever the partners want it to as there is no fixed period or provision regarding the business duration and determination of the firm. Such a type of partnership is known as partnership at will. In this type of partnership, no partner can act independently in case of firm's loss and not all partners can retire by giving a notice.

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