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Questions and Answers
According to the Indian Partnership Act 1932, which of the following is NOT a requirement for a partnership?
According to the Indian Partnership Act 1932, what is the maximum number of persons allowed in a partnership in case of banking business?
According to the Indian Partnership Act 1932, what is the basis for sharing profits in a partnership?
Study Notes
Partnership Requirements
- There is no requirement for a partnership agreement to be in writing, as it can be oral or implied.
Partnership in Banking Business
- The maximum number of persons allowed in a partnership in case of banking business is ten.
Profit Sharing
- The basis for sharing profits in a partnership is agreements between partners, and in the absence of an agreement, profits are shared equally.
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Description
Test your knowledge of the Indian Partnership Act 1932 with this quiz! Explore key aspects such as the number of persons involved, profit sharing arrangements, unlimited liabilities, good faith and honesty, and the contractual relationship between partners.
