Q: What are the liabilities and rights of deceased and outgoing partners ?

Ans: The liability of estate of deceased partner is mentioned under section 35 of partnership act whereas the right of outgoing partner to carry on competing business is mentioned under Article 36 and right of outgoing partner in certain cases to share subsequent profits is mentioned under section 37 of partnership act. 

Comments

Popular posts from this blog

Q: Can a private company be company limited by shares ?

Q: How does the company work as an assessee?

Q: How many independent directors are required by public company ?