Libility of partners

Pucki (Querist) 16 December 2014 This query is : Resolved

What is the financial liability of partner who is unaware of any loan taken by the firm/other partners in the name of the firm??

Follow Query

Report Abuse

Devajyoti Barman (Expert) 16 December 2014
give details. LOOKS LIKE ACADEMIC QUERY.

ajay sethi (Expert) 16 December 2014
partner is liable for acts of of firm under provisions of indian partnership act

Pucki (Querist) 16 December 2014

Say the firm has taken loan from a bank to which another partner is unaware? Can such partner who was not aware of such loan be held liable anyway?

Devajyoti Barman (Expert) 16 December 2014
Yes if taking of loan is the ordinary act of the partners in discharge of their duties.

Advocate Bhartesh goyal (Expert) 17 December 2014
Each and every partner is liable for the acts of firm.

Rajendra K Goyal (Expert) 17 December 2014
Every partner is liable jointly and individually.

V R SHROFF (Expert) 17 December 2014
dO BANK GIVE lOAN, WITHOUT SIGN OF ALL THE pARTNERS???

Imaginary query

read ABC of Partnership Act.. Mr. ABC

malipeddi jaggarao (Expert) 20 December 2014
Expert Mr.Shroff rightly pointed out the important requirement for giving loan to a partnership firm. No Bank will give loan to a partnership firm without obtaining the signatures of all partners. This is academic query.