Forms of Business Organisation and Partnership Quiz
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Partnership</p> Signup and view all the answers

    What is the primary focus of partnership according to the text provided?

    <p>Sharing profits and losses</p> Signup and view all the answers

    What are the different forms in which business can be organized?

    <p>Sole proprietorship, partnership firm, or a company</p> Signup and view all the answers

    What is the primary requirement for a business as it expands?

    <p>More capital</p> Signup and view all the answers

    How is partnership defined in the Indian Partnership Act, 1932?

    <p>The relation between persons who have agreed to share the profits of a business</p> Signup and view all the answers

    Who are known as partners in a partnership?

    <p>The individuals who have entered into the partnership</p> Signup and view all the answers

    What is the basis of a partnership?

    <p>Mutual agreement</p> Signup and view all the answers

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