alleryStart learning →Opening a bank account for the firm in his own name is for a partner?
AWithin implied powers
BRequired by statute
COutside implied powers
DAllowed after one year
Answer & Solution
Correct answer: C. Outside implied powers
Implied authority does not extend to opening a banking account in the partner's own name on the firm's behalf.
Keep practising Partnership
Browse all Partnership questions for CA Foundation, or explore more Accounting topics.
Related questions
In an LLP, a partner is not liable for what?A private limited company can have at most how many shareholders?Which is a stated disadvantage of an LLP?An LLP must be audited if its contributions exceed?An LLP must be audited if annual turnover exceeds?What minimum capital is needed to form an Indian LLP?What cap applies to the number of partners in an Indian LLP?An Indian LLP enjoys which feature that an ordinary firm lacks?