Question

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 __________________.

• A. By all
• B. By any of them.
• C. By some of them acting for all
• D. (a) or (b) or (c)

Answer 1

Answer: (D)

(a) or (b) or (c)

Partnership 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. Partnership can be defined as a type of unincorporated business organization in which multiple individuals, called general partners, manage the business and are equally liable for its debts' other individuals called limited partners may invest but not be directly involved in management and are liable only to the extent of their investments.