Questions and Answers
What is the definition of partnership as per the Indian Partnership Act, 1932?
The relation between persons who have agreed to share profits of a business carried on by all of them.
What characterizes partnership in terms of capital and risk as a business expands?
Requirement of more capital and increased risk.
Who are known as partners in a partnership?
Individuals who have entered into the partnership agreement.
Which form of business organization is based on mutual agreement to share capital, profits, and losses?
Signup and view all the answers
What is the primary focus of partnership according to the text provided?
Signup and view all the answers
What are the different forms in which business can be organized?
Signup and view all the answers
What is the primary requirement for a business as it expands?
Signup and view all the answers
How is partnership defined in the Indian Partnership Act, 1932?
Signup and view all the answers
Who are known as partners in a partnership?
Signup and view all the answers
What is the basis of a partnership?
Signup and view all the answers
