New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following is not considered a corporate

    person under Indian law?
    A Housing company Correct Answer Incorrect Answer
    B Banking company Correct Answer Incorrect Answer
    C Partnership firm Correct Answer Incorrect Answer
    D Limited Liability Partnership Correct Answer Incorrect Answer
    E All of the above Correct Answer Incorrect Answer

    Solution

    A partnership firm is not regarded as a corporate person. Unlike corporations, partnership firms do not have an independent legal identity apart from their partners. Instead, they represent a group of individuals who have come together through a partnership agreement to conduct business. Although partnership firms can undertake contractual obligations and participate in business ventures, they do not possess the distinct legal personality or limited liability characteristic of corporate entities. Therefore, partnership firms are not categorized as corporate persons.

    Practice Next