8 Questions
What is a partnership firm?
A form of organisation where two or more persons carry on some business activity based on an agreement
What are the individual members of a partnership firm called?
Partners
In a partnership firm, what is the name under which the business is carried on called?
Firm name
Why do many persons join together to form a partnership firm?
To overcome limitations like limited capital and small business size
How are profits or losses shared in a partnership firm?
In the ratio agreed upon by the partners
Under which act are partnership firms governed in India?
Indian Partnership Act, 1932
Is registration compulsory for a partnership firm in India?
No, it is optional
What is the benefit of registering a partnership firm?
To avail benefits like legal recognition and protection for the partners
Test your knowledge on partnership firms and their organizational structure. Learn about the roles of partners, the concept of firm name, and the reasons why individuals join together to form a partnership. Perfect for students of business and commerce.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
