Authority of partners with respect to the firm
- To submit a dispute of the firm for arbitration, relinquish a claim, admit any liability, withdraw a suit
- To open a bank account for the firm in her own name
- Acquire or transfer immovable property on behalf of the firm
- Enter into a partnership on behalf of the firm
Liability of partners
Each partner is jointly liable along with the other partners for the action of any partner, and the partners are all severally liable for any act and/or omission of the other partners (s.25, Indian Partnership Act). The firm, as has already been mentioned, is also liable. The liability of the firm is to the same extent as that of any of the partners.