Flashcards
IPA
Cards in this deck (3)
- 1Rights of a Partner1. To take part in working of business
2. to be indemnified
3. to share profits of business
4. right to be consulted
5. to access accounts & books
6. to interest on capital
7. to interest on advances
8. on partnership property
9. as agent of firm
10. no new partner to be introduced
11. no liability before joining
12. to retire
13. not to be expelled
14. of outgoing partner to share in subsequent profits of firm - 2Duties of a partner1. to observe good faith
2. use partnership property for firm only
3. indemnify firm for fraud
4. indemnify for willful neglect
5. to work diligently
6. to share losses
7. account for private profits
8. acc. for profits by competing business
9. act within scope of authority
10. liable jointly & severally
11. not to assign his rights - 3—
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- ACCA Business Law Flashcards on IPA, created by Aastha Bagdi on 13/08/2025.
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- Aastha Bagdi
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