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Question
Justify the following statement.
All partners are joint owners of the Partnership firm.
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Solution
- According to the Indian Partnership Act, 1932, all the partners are joint owners of the property of the partnership firm.
- No partner can use the property of the firm for his personal interest.
- No partner is allowed to take any decision without the consent of all the partners.
- No partners can make any secret profit in the business.
- Profits and losses are shared among the partners in the profit sharing ratio mentioned in the deed.
- Thus all partners are joint owners of a Partnership firm.
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