Advertisements
Advertisements
Question
Explain the following term/concept:
Partnership Firm.
Advertisements
Solution
- It is a voluntary association of two or more persons With a common objective.
- It is formed by an agreement called Partnership deed.
- It is governed by the Indian Partnership Act, 1932.
- Registration of partnership firm is optional as per the Partnership Act, 1932.
- In Maharashtra, registration of partnership firm is made compulsory
APPEARS IN
RELATED QUESTIONS
State True or False:
Partnership agreement may be oral or written.
State True or False:
In a partnership firm, the liability of every partner is limited, joint and several.
Complete the sentence.
Admission of new individual into existing business has given birth to _____________
Answer in one sentence.
What do you mean by partner-in-profits only?
Answer in one sentence.
What do you mean by a general partnership?
Explain the following term/concept:
Nominal Partner.
Answer in brief.
State any four types of partners.
Justify the following statement.
All partners are joint owners of the Partnership firm.
Attempt the following:
Explain different types of Partnership Firms.
Attempt the following:
Explain the features of a partnership firm.
Answer in one sentence.
What is Quasi Partner?
Answer in one sentence.
What is Quasi Partner?
Answer in one sentences.
What is Quasi Partner?
Answer in one sentence.
What is Quasi Partner?
Answer in one sentence.
What is Quasi Partner?
Which law defines a partnership in India and provides its legal framework?
What document outlines the rules, roles, profit-sharing, and terms between partners in a partnership firm?
Which of the following is a major demerit of partnership firms?
Dr. Sharma and Dr. Mehta jointly manage a clinic, share the profits, losses, and responsibilities. Their business is best classified as a______.
