1.Define what is a partnership

2.What is the partnership rules on interests of partners relating to partnership property and shares provisions under the Partnership Act 1961?

3.Explain the liability of partnership for wrong doings.

4.Discuss the liability of a retired partner for the debts of the partnershipincurred both before, and after, his retirement.

5.With reference to the Partnership Act 1961, state and explain about thedissolution of a partnership.

6.Explain the main characteristics of a partnership.

7.Ahmad, Balu and Chong are partners of a firm called ABC & Partners. Chong has always been a sleeping partner andhas never participated in the running of the partnership business. Balu retired from the partnership nine months ago.Thepartnership is now experiencing financial difficulties and has incurred liabilities amounting to RM500,000. Theassets of the partnership are insufficient to cover its liabilities.

(a) Explain the liability of Chong as a sleeping partner

(b) Explain the liability of Balu as a retired partner.

8.Explain what is meant by the 'veil of incorporation'

9.Explain, with reference to relevant authorities or examples, FOUR situations in which the veil of incorporationmay be lifted.

10.Based on the Companies Act 2016, explain when a company may be deemed unable to pay its debts.