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State whether the following statements are true or false:

(i) Valid partnership can be formulated even without a written agreement between the partners;

(ii) Each partner carrying on the business is the principal as well as the agent for all the other 

(iii) Maximum number of partners in a banking firm can be 20;

(iv) Methods of settlement of dispute among the partners can’t be part of the partnership

(v) If the deed is silent, interest at the rate of 6% p.a. would be charged on the drawings made

(vi) Interest on partner’s loan is to be given @ 12% p.a. if the deed is silent about the rate.

1 Answer

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Best answer
(i) True

(ii) True

(iii) True

(iv) False

(v) False

(vi) False

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