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Business Studies

Merits and Limitations of Sole Proprietorship

An associatio...

Question

An association of persons becomes a partnership when its purpose

A

Is to carry on some charitable work

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B

Is to contest elections

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C

Is to carry on business for profit

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D

Is to tyrannise the market and establish a monopoly

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Solution

The correct option is C Is to carry on business for profit
Option C is the correct answer.

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Similar questions

Q. Partnership is defined as "the relation between persons who have agreed to share the profits of a business carried on by _________ acting for all".

Q. Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.

Q. ____ is an association of 2 or more individuals but not more than 20 who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all.

Q. Partnership is an association of two or more individuals who agree to share the profits of a lawful business which is managed and carried on:
A. By all
B. By any of them
C. By some of them acting for all
Select the correct answer from the options given below.

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

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

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Merits and Limitations of Sole Proprietorship

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