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Introduction to Partnership

X is a partne...

Question

X is a partner in XYZ Associates. He agrees to share his profile with P, an outsider. This agreement is called ________.

A

Extended partnership

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B

Sub-partnership

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C

Unlimited partnership

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D

Joint venture

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Solution

The correct option is B Sub-partnership
A sub-partnership has been recognized in India and registered as a partnership firm under the Income-Tax Act though the term has not been defined in the Indian Partnership Act, 1932.

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