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Business Studies

Partnership

Partner shall...

Question

Partner shall indemnify the firm for any loss caused to it but his _______ in the conduct of the firm's business.

A

Negligence

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B

Interference

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C

Willful neglect

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D

Honesty

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Solution

The correct option is C Willful neglect
According to the Partnership Act 1932, the partners those are in agreement with the partnership deed who are taking part in the conduct of business and management of the firm are not entitled to receive any remuneration of any sort.

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