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What is the definition of partnership as per the Indian Partnership Act, 1932?
What is the definition of partnership as per the Indian Partnership Act, 1932?
- A form of business where shareholders own the company.
- The relation between persons who have agreed to share profits of a business carried on by all of them. (correct)
- A business structure with limited liability for its owners.
- A business organization with only one owner.
What characterizes partnership in terms of capital and risk as a business expands?
What characterizes partnership in terms of capital and risk as a business expands?
- Requirement of more capital and increased risk. (correct)
- Absence of capital and risk.
- No change in capital and risk.
- Reduction in capital and risk.
Who are known as partners in a partnership?
Who are known as partners in a partnership?
- Individuals who have entered into the partnership agreement. (correct)
- Directors of a company.
- Shareholders of the company.
- Sole owners of a business.
Which form of business organization is based on mutual agreement to share capital, profits, and losses?
Which form of business organization is based on mutual agreement to share capital, profits, and losses?
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What is the primary focus of partnership according to the text provided?
What is the primary focus of partnership according to the text provided?
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What are the different forms in which business can be organized?
What are the different forms in which business can be organized?
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What is the primary requirement for a business as it expands?
What is the primary requirement for a business as it expands?
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How is partnership defined in the Indian Partnership Act, 1932?
How is partnership defined in the Indian Partnership Act, 1932?
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Who are known as partners in a partnership?
Who are known as partners in a partnership?
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What is the basis of a partnership?
What is the basis of a partnership?
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