Question
Legal Studies Question on Company Law
Pick the incorrect statement.
A
A partner in possession of more information about the affairs and assets of the firm should not disclose to his co-partners.
B
Every partner should indemnify the firm for any loss caused to it due to his fraud.
C
A retired partner is not liable for acts of the firm done before his retirement.
D
Every partner should use the property of the firm for firm’s purposes only.
Answer
A retired partner is not liable for acts of the firm done before his retirement.
Explanation
Solution
The correct option is (C): A retired partner is not liable for acts of the firm done before his retirement..