CA CPT Dec 2017 Question Paper Mercantile Laws for online practice

Question : 38 of 40

Marks: +1, -0

Which of the following statements is false :

A partner who takes fixed salary in lieu of share in profits may be a partner.
A partner who expresses (or) by his action intimates others that he is a partner maybe partner.
It is essential to have agreement to share profits and losses.
A partner who does not participate in management has no liabilities

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