Home › CA Foundation › businesslaw › Partnership — Relations of Partners › Under Section 14, which of the following is rega…
Under Section 14, which of the following is regarded as property of the firm?
AThe goodwill of the business and property acquired for the firm
BA partner's personal residence
CA partner's personal savings
DA partner's private car never used for the firm
Answer & Solution
Correct answer: A. The goodwill of the business and property acquired for the firm
Section 14 includes in firm property the goodwill of the business and all property brought in or acquired for the firm's purposes.
Related questions
Where one partner is better acquainted with the firm's accounts in a transaction with anotThe proportion in which partners share profits, in the absence of agreement, bears what reUnder Section 17, after a change in the constitution of the firm, the mutual rights and duUnder Section 24, notice to a partner who habitually acts in the firm's business operates Under Section 23, an admission or representation made by a partner binds the firm if it isUnder Section 22, to bind the firm, an act or instrument by a partner must be done or execUnder Section 21, in an emergency a partner has authority to:Under Section 20, a restriction on a partner's implied authority binds a third party only