Question

Which of the following is/are essential feature of partnership?

• A. Association of two or more persons
• B. Agreement/contract
• C. Carrying on business
• D. All of the above

Answer 1

Answer: (D)

All of the above

A partnership firm runs on certain norms and feature which are listed as under:

The most important feature is that it is an association of two or more person. A single person carrying on with business would not be called a partnership. There must be at least two people to run a firm under partnership norms.

An agreement is another basic requirement for a partnership firm. This is because the agreement defines the term and condition of firm along with the duties and various task of partners.

The side feature of any partnership firm is that there must be a business which is handled by a single partner or all the partners for the welfare of all partners and the business.