10 Questions
What is the definition of partnership as per the Indian Partnership Act, 1932?
The relation between persons who have agreed to share profits of a business carried on by all of them.
What characterizes partnership in terms of capital and risk as a business expands?
Requirement of more capital and increased risk.
Who are known as partners in a partnership?
Individuals who have entered into the partnership agreement.
Which form of business organization is based on mutual agreement to share capital, profits, and losses?
Partnership
What is the primary focus of partnership according to the text provided?
Sharing profits and losses
What are the different forms in which business can be organized?
Sole proprietorship, partnership firm, or a company
What is the primary requirement for a business as it expands?
More capital
How is partnership defined in the Indian Partnership Act, 1932?
The relation between persons who have agreed to share the profits of a business
Who are known as partners in a partnership?
The individuals who have entered into the partnership
What is the basis of a partnership?
Mutual agreement
Test your knowledge on different forms of business organisation like sole proprietorship, partnership firm and company, along with the details of partnership. Learn about the limitations, requirements of capital, risks involved, mutual agreements, sharing of capital and profits in businesses.
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