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Question

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.

A
Partnership
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B
Joint Venture
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C
Association of Persons
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D
Body of Individuals
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Solution

The correct option is A Partnership
Partnership is defined as a relation between at least two person who have agreed to share the profits of business in a particular ratio decided as per the mutual decision of partners. A legal documnent is then created which defines every term and condition to be followed by the partners and this acts as a life saviour in case of any riots.

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