1. Which of the following is not on essential element of a partnership?
(a) At least two persons.
(6) There is an agreement between all partners.
(c) Partnership agreement is for a business.
(d) Equal share of profits and losses,
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Answer:
c Partnership agreements is for a business
Explanation:
Not sure
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Answer:
Section 4 of the Indian Partnership Act, 1932 defines partnership as a 'relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all'. The essential features of partnership are:
1. Two or more persons
2. Agreement
3. Business
4. Mutual Agency
5. Sharing of Profit
6. Liability of Partnership
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