Question

Under the Partnership Act, 1932, the essential element

Q: Answer-Under the Partnership Act, 1932, the essential element of partnership is:

Section 4 of the Partnership Act, 1932, defines partnership as the relation between persons who have agreed to share profits of a business carried on by all of them or any of them acting for all. This requires 1 Agreement, 2 Sharing of profits, 3 Business carried on by all or any for all mutual agency.

of partnership is:

A The joint ownership of a property used for commercial purposes

B An agreement between persons to share profits of a business carried on by all or any of them acting for all

C The holding of common property with the intent to eventually sell it for profit

D The collective management of assets by members of a Hindu Undivided Family

E The acquisition of a distinct legal entity status separate from its members

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Under the Partnership Act, 1932, the essential element

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