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Introduction to Partnership

The relations...

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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Similar questions

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. ____ 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. 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

[0.88 marks]

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.

Q. Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on __________________.

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