Question

Assertion (A): Partnership is the relation between persons who have
agreed to share the profits of a business carried on by all or any of them
acting for all. Reason (R): Partnership has several benefits over sole
proprietorship. *

Answer 1

Answer:

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Explanation:

The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." Some people consider partnership to be relatively unpopular because the inherent features of partnership such as joint risk bearing and profit sharing, collective decision making, unlimited liability of partners, etc. Sometimes lead to conflicts among partners and undue burden on some of the partners.

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