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.
Correct Answer:
Verified
Correct Answer:
Verified
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