Question : What is the meaning of mutual agency in a partnership firm?
Option 1: The firm will carry on a lawful business
Option 2: The partners will share the profit/losses of the business
Option 3: Business may be carried on by all or by any of them acting for all
Option 4: None of these
Answer (1)
25th Jan, 2024
Correct Answer: Business may be carried on by all or by any of them acting for all
Solution : Mutual agency in a partnership means business is carried on by all the partners or by any of them acting for all. Hence, the correct option is 3.
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