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Partnership Deed

State whether...

Question

State whether the following statements are True or False.

Partnership is an association of two or more persons.

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Solution

True
Explanation: According to the Indian Partnership Act of 1932, partnership is defined as "the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all." This definition clearly implies that at least two persons are required to start a partnership firm. Hence, the above statement is true.

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