The Partnership Act Provides That If the Partners Do Not

question 71

Multiple Choice

The Partnership Act provides that if the partners do not agree otherwise, certain terms of a partnership agreement will be implied. Which of the following is NOT such an implied term?

• A)Each partner shall be responsible for the losses of the firm only to the limit of each partner's initial cash contribution.
• B)Every partner may take part in the management of the partnership business.
• C)No partner is entitled to a wage for acting in the partnership business
• D)No person may be introduced as a partner without the consent of all the existing partners.
• E)The partners will share the profits equally.

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