Question

    According to Indian Partnership Act, 1932 Which of the

    following best describes a partnership?
    A A business structure where individuals share the profits of a jointly operated business Correct Answer Incorrect Answer
    B A legal agreement between two or more parties Correct Answer Incorrect Answer
    C A financial arrangement where one person invests in another person's business Correct Answer Incorrect Answer
    D A business structure where profits are solely owned by one individual Correct Answer Incorrect Answer
    E A contractual relationship between an employer and an employee Correct Answer Incorrect Answer

    Solution

    Section 4 of Indian Partnership Act, 1932 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. Persons who have entered into partnership with one another are called individually “ partners” and collectively “ a firm”, and the name under which their business is carried on is called the “ firm name”.  

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