CameraIcon

SearchIcon

MyQuestionIcon

185

You visited us 185 times! Enjoying our articles? Unlock Full Access!

Partnership Deed

State whether...

Question

State whether the following statements are True or False.

Partnership is an association of two or more persons.

Open in App

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.

Suggest Corrections

thumbs-up

0

Similar questions

Q. State whether the following statements are true or false :

Solvent person is a person whose assets are more than his liabilities.

Q. State whether the following statements are True or False :
Propyne is more acidic than acetylene.

Q. State whether the following statements are true or false.

statement 1 is true
statement 2 is true
statement 1 is true
statement 2 is false
statement 1 is false
statement 2 is false
statement 1 is false
statement 2 is true

Q. State whether the following statements are True or False :

> C = C <

bond length is more than

- C \equiv C -

Q. State whether the following statements are True or False.

An interest on capital is an expenditure of the partnership firm.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Analysing Capital Accounts

ACCOUNTANCY

Watch in App

explore_more_icon

Explore more

Partnership Deed

Standard XII Accountancy

Join BYJU'S Learning Program

CrossIcon