Question

Name the partnership firm which is formed to carry on a special task or project.

Answer 1

Specific partnership- It is a contractual agreement that joins together two or more parties for the purpose of executing a particular business undertaking. All parties agree to share the profit and loss of the enterprise. A Specific partnership is defined as an association of two or more persons formed to carry out a single business enterprise for profit in which they combine their property, money, efforts, skill, and knowledge to carry out special task as well as project for specific time period.