A was the designated managing partner in the Articles of Partnership. One day, A received an order from the court to enter into an arbitration with another company. May A perform the duty to enter into arbitration? a. Yes. A can in good faith enter into an arbitration because of the urgency of the matter. b. Yes. A being the managing partner may perform any acts of administration such as arbitration. c. No. A must first obtain the majority vote of the partners to enter into an arbitration. d. No. A cannot enter into an arbitration without the unanimous vote of the partners.
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
A was the designated managing partner in the Articles of Partnership. One day, A received an order from the court to enter into an arbitration with another company. May A perform the duty to enter into arbitration?
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