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Question
What is partnership?
Short Answer
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Solution
According to Section 4 of the Partnership Act, 1932, a partnership is an agreement between two or more persons who have agreed to share profits or losses of a business that will be carried by all or anyone acting for all.
A person who joined their hands to set up the business is called a ‘partners’ individually and a ‘firm’ collectively and the name under which they carry out their business is called the ‘firm name’.
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