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Treating Manager as Partner

The most impo...

Question

The most important feature in partnership is _______.

A

Mutual agreement

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B

Sharing of profits

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C

Business shall be carried on by all or any one of them acting for all

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D

All of the above

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Solution

The correct option is D All of the above
Persons who have entered into partnership with one another are individually called 'partners' and collectively called 'firm'. Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any of them acting for all, which is also an important feature of partnership.

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Q. The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is know as.

Q. ____ 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.

Q. Partnership is defined as "the relation between persons who have agreed to share the profits of a business carried on by _________ acting for all".

Q. Given below are two statements; one is labelled as Assertion (A), and the other is labelled as Reason (R).

Assertion (A) - Partners share profits and losses equally.

Reason (R) - Partnership is the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all

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Q. Partnership is an association of two or more individuals 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
Select the correct answer from the options given below.

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