CUET Preparation Today
| What is the primary role of a partner in a partnership firm in relation to the other partners? |
An agent A principal Principal as well as the agent Agent, Principal and Owner |
| Principal as well as the agent |
| There exists a relationship of mutual agency between all the partners. Each partner carrying on the business is the principal as well as the agent for all the other partners. He can bind other partners by his acts and also is bound by the acts of other partners with regard to business of the firm. Relationship of mutual agency is so important that one can say that there would be no partnership, if the element of mutual agency is absent. |
