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Questions and Answers
What is a partnership firm?
What is a partnership firm?
- A form of organisation where two persons carry on some business activity without any agreement
- A form of organisation where one person carries on some business activity
- A form of organisation where two or more persons carry on some business activity based on an agreement (correct)
- A form of organisation where three or more persons carry on some business activity
What are the individual members of a partnership firm called?
What are the individual members of a partnership firm called?
- Associates
- Partners (correct)
- Sole proprietors
- Collaborators
In a partnership firm, what is the name under which the business is carried on called?
In a partnership firm, what is the name under which the business is carried on called?
- Company name
- Business designation
- Firm name (correct)
- Firm title
Why do many persons join together to form a partnership firm?
Why do many persons join together to form a partnership firm?
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How are profits or losses shared in a partnership firm?
How are profits or losses shared in a partnership firm?
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Under which act are partnership firms governed in India?
Under which act are partnership firms governed in India?
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Is registration compulsory for a partnership firm in India?
Is registration compulsory for a partnership firm in India?
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What is the benefit of registering a partnership firm?
What is the benefit of registering a partnership firm?
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