Question

Which of the following is the appropriate definition of partnership?

A Relation between persons who have agreed to share the profits of a business Correct Answer Incorrect Answer
B Persons acting jointly to carry out a trade or an occupation Correct Answer Incorrect Answer
C All carrying out business or any of them acting for all. Correct Answer Incorrect Answer
D A and C. Correct Answer Incorrect Answer
E B and C. Correct Answer Incorrect Answer

Solution

Indian Partnership Act, 1932 S. 4. "Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

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