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

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What is the basis for the relation of partnership,

Solution