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Question
When a partner of a firm agrees to share his own share of profits with an outsider, it called ________.
When a partner of a firm agrees to share his own share of profits with an outsider, it called ________.
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Solution
The correct option is C Sub-partnership
A partnership
basically refers to the contract between two or more people who have agreed to
carry on certain business in order to achieve common goals. When a partner of the firm agrees to share his own share of profits with an outsider then it is called sub-partnership as the partner is sharing profits with a non-partner.
A partnership basically refers to the contract between two or more people who have agreed to carry on certain business in order to achieve common goals.
When a partner of the firm agrees to share his own share of profits with an outsider then it is called sub-partnership as the partner is sharing profits with a non-partner.
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