Question

What is the basis for the relation of partnership,

Q: Answer-What is the basis for the relation of partnership, according to the Indian Partnership Act?

Section 5. Partnership not created by status The relation of partnership arises from contract and not from status and, in particular, the members of a Hindu undivided family carrying on a family business as such, or a Burmese Buddhist husband and wife carrying on business as such are not partners in such business.

according to the Indian Partnership Act?

A The relation of partnership arises from a contract and not from status

B The relation of partnership arises from the status of the parties involved

C The relation of partnership is based on a family agreement, regardless of a formal contract

D The relation of partnership arises only when a business is carried on by a husband and wife

E The relation of partnership arises from religious practices and not from a formal agreement

Practice Next

More Other Laws and Acts Questions

The Nobel Peace Prize 2017 was won by
Recently a public procurement portal for Micro and Small Enterprises has been launched. The name of the portal is
Priority Sector Lending Certificates (PSLCs) incentivises the seller bank for over-achievement of the PSL targets
16th January was celebrated as 'Opinion Poll Day' or 'Asmitai Dis' in the state of:
BS norms or Bharat Stage norms are emission standards set by government to regulate pollution from vehicles. Currently which stage of BS norms is in pla...
Karnataka government launched the ‘Mathru Purna’ scheme for ___________?
Where is the headquarters of the Rubber Board located?
When was the bob Utsav Deposit Scheme launched by Bank of Baroda, and what is the highest interest rate available under this scheme for non-callable dep...
What is the currency of Oman?
The first life insurance company established in 1818 in India was?

What is the basis for the relation of partnership,

Solution