Question

A partner who is entitled to a share of the profits from a partnership is known

Answer 1

Partners in profit are the partners eligible for receiving profits.

• A partnership is when two or more people decide to start a business together and split the profits and losses.
• The partnership is defined as the "association between an individual who has decided to share the earnings of an activity carried out by each partner" under the Indian Partnership Act of 1932.
• People who have formed a partnership with one another are referred to individually as "partners" and collectively as "firms." The "name of the firm" is the moniker used to do business.
• Apart from the partners who make up a partnership enterprise, there is no separate legal entity.

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