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Treating Manager as Partner

If there is n...

Question

If there is no written partnership deed or agreement the provisions of _____ are applicable.

A

Partnership Act, 1932

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B

Companies Act, 1956

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C

Contract Act

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D

Hindu Law

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Solution

The correct option is B Partnership Act, 1932
If a firm is not having any written agreement or a partnership deed or if partnership deed is there, butit is silent on certain issues the following provisions of the Indian Partnership Act 1932 will be applicable. If there is an agreement to allow interest on capital it is to be allowed only in case of profits.

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Similar questions

Q. If there is no express agreement on certain matters, the provisions of the ___________ shall apply, under partnership deed.

Q. State the provisions of Indian Partnership Act,1932 regarding interest on partner's capital and interest on partner's loan when there is no Partnership Deed.

Q. State the provisions of Partnership Act, 1932, in the absence of a Partnership Deed regarding (i) Interest on Partner's Drawings, and (ii) Interest on Advances other than capital.

Q. Which of the following is provided even if there is no provision in the partnership deed and there are no profits?

Q. If the partnership agreement, is in ________ it is known as a 'Partnership Deed'.

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