Question

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Solution

A partnership firm is also an 'implied agency' since each and every partner is considered to be an agent (as well as a Principal) of the firm as well as that of other partners. Every partner is entitled to take part in the management of the firm and to represent the firm and other partners in dealing with outsiders.

Some More Questions From Forms of Business Organization Chapter

What do you understand by co-operative society?

Define company.

What do you understand by a Private Company?

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Forms Of Business Organization

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Some More Questions From Forms of Business Organization Chapter

What do you understand by co-operative society?

Define company.

What do you understand by a Private Company?

What do you understand by a Public Company?

Under what circumstances, is a partnership form of business organisation suitable ?

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Would you say that the sole proprietorship involves a lengthy and expensive procedure for its registration?

Explain whether the liability of a sole proprietorship is limited to the extent of his share in business.

Only the Karta has unlimited liability in HUF. Explain.

Define 'Partner by Holding Out'.

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