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Which statement is correct?
A partnership firm is a juristic person
A partnership firm is a distinct legal entity from its partners
A Partnership firm is not a distinct legal entity from its partners.
All the above.
partnership is merely 7 an association of persons and do not possess a separate legal entity. Meaning thereby, law does not make any distinction between the firm and the partners who compose it. Every, partner acts as a principal of the firm as well as its agent. Each partner carries on the business on behalf of the firm and can enter in to contract with outsiders on its behalf Thus a partner can bind the firm with his acts within the scope of the partnership business.
By: Parvesh Mehta ProfileResourcesReport error
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