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      Question

      What does "partnership" refer

      to?
      A A relation between persons agreeing to share profits of a business conducted by all or some acting for all Correct Answer Incorrect Answer
      B A contract to carry on a business without sharing profits Correct Answer Incorrect Answer
      C A relation between individuals who invest but do not participate in the business Correct Answer Incorrect Answer
      D An agreement solely for sharing losses of a business Correct Answer Incorrect Answer
      E A temporary relationship formed for a single transaction Correct Answer Incorrect Answer

      Solution

      Section 4.   Definition of “partnership”, “partner”, “firm” and “firm name”: "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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