GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statements about partnership firm is not correct?
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It is managed by partners
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It has no separate legal existence
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Acts of the partners are binding on the firm
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A partner can transfer his interest without the consent of other partners
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Explanation:
Detailed explanation-1: -Being in a partnership firm provides a few rights being right to take part in business, right to access books of account, right to share profits, right to retire etc. But right to receive remuneration is not amongst the rights of the partners.
Detailed explanation-2: -Answer: B. That a non-profit organization can be a partnership is not true about partnerships. Partnerships are defined by state law. Generally, only for-profit businesses can be organized as partnerships.
There is 1 question to complete.