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Give the word / term or phrase which can substitute the following statement. An association of two or more persons to carry on business. - Book Keeping and Accountancy

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Question

Give the word / term or phrase which can substitute  the following statement.

An association of two or more persons to carry on business.

One Word/Term Answer
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Solution

Partnership

Explanation: 

A Partnership is an association of two or more persons who have agreed to carry on a lawful business and share profits or losses in the agreed ratio.

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Chapter 1: Introduction to Partnership - Exercise 2 [Page 13]

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Micheal Vaz Book Keeping and Accountancy [English] 12 Standard HSC Maharashtra State Board
Chapter 1 Introduction to Partnership
Exercise 2 | Q 6 | Page 13
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