All the partners are jointly and severally liable for the acts of firm. The liability of partners is unlimited.

All others are examples of misconduct sufficient to dissolve the firm.

The debts of outsiders, which are secured, are paid first. The unsecured outsiders, private debts of partners are paid in the order after the above debts.

A partner cannot open the bank account for firm under his implied authority.

A partner can defend a suit against the firm in the Court. All others are statutory restrictions which can be done by the partners collectively.

The partners should have agency relations among themselves.

The partnership at will continues as much as is the will of partners.

A firm may get registered any time.

All the partners are jointly and severally liable for the acts of firm. The liability of partners is unlimited.

Because of mutual agency relations, the partners can bind the firm provided the act is done in good faith and within authority. The acts done outside the scope of authority are not binding upon the firm.

A notice to the active partner serves as a notice to firm. However, notice to sleeping or dormant partner is not the notice to firm.

In absence of contrary agreement, he becomes liable for the acts done by firm from the date of his admission.

If there is no such contract between partners, a partner can't be expelled by any number of partners.

The expelled partner has all the rights just as that of retiring partner.

Garner V. Murray case is applicable in case of insolvency of partners. As per ruling of this case, the solvent partners must make up the deficiency of insolvent partners in the ratio of their capital which stands to the credit of their account just before dissolution.

A new partner cannot come without the consent of all existing partners. The firm is to dissolve on ground of death of a partner.

The liability of partners is unlimited. The members of a joint stock company enjoy limited liability.

As per Garner V. Murray case, the deficiency is borne in capital ratio just before dissolution.

The firm does not enjoy perpetual succession. The joint stock company enjoys all these features.

The amount in addition to capital is called premium.

It becomes partnership at will.

Sub-partner can not bind the firm by his acts. Active partner actively participates in the business. Nominal partner only lends his name to firm. Minor can be admitted to partnership with the consent of partners. All these can bind the firm by their acts.

The minor cannot become insolvent and his liability cannot be made unlimited.

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