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Question
The law relating to partnership firms is contained in ________.
The law relating to partnership firms is contained in ________.
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Solution
The correct option is B the Indian Partnership Act, 1932
The concept of running a business in partnership was brought in India by the Indian partnership act of 1932. This act has defined all the norms that every individual must keep in his mind while setting up a business with other person. Moreover certain laws are alo defined by this partnership act. But now companies act of 2013 has replaced the earlier act related to partnership firms.
The concept of running a business in partnership was brought in India by the Indian partnership act of 1932. This act has defined all the norms that every individual must keep in his mind while setting up a business with other person. Moreover certain laws are alo defined by this partnership act. But now companies act of 2013 has replaced the earlier act related to partnership firms.
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