Question

In the absence of agreement, express or implied, the property of the firm is deemed to include _______________________________.

• A. All property, rights and interest which have been brought into the common stock for the purposes of the partnership by individual partners, whether at the commencement of the business or subsequently added there to
• B. Those acquired in the course of the business with money belonging to the firm
• C. The goodwill of the business
• D. All of the above

Answer 1

The correct option is D All of the above

A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals. In the absence of any partnership deed, all the property, rights and interest contribute by the individual partners, all the property acquired in the course of the business and the goodwill of the business is considered as the property of the firm.