Multiple choice

Goodwill of a partnership business is the property of the partnership under

  1. Section 14

  2. Section 13

  3. Section 12

  4. Section 11
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A Correct answer
Explanation

Option (1) is correct: Goodwill of a partnership business is the property of the partnership under Section 14. Option (2) is incorrect: Section 13 of the Indian Partnership Act, 1932 deals with mutual rights and liabilities. Option (3) is incorrect: Section 12 of the Indian Partnership Act, 1932 states the conduct of the business. Option (4) is incorrect: Section 11 of the Indian Partnership Act, 1932 provides provisions related to determination of rights and duties of partners by contract between the partners.

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