Question

Partnership firm is a trading concern. (State True or False)

Answer 1

It depends on the type of firm. And also on the partners that which type of firm they want to come up with.

Answer 2

The statement partnership firm is a trading concern is True.

• A partnership firm can be said to be as a trading business with a maximum limit of ten partners involved in the purchase and sale of goods and services.
• Partnership is the relationship between people who have agreed to share the benefits of an undertaking carried out by all or any of them working for all.
• Companies founded as partnerships legal entities where two or more individuals own and run a business, allow businesses to profit from the varied expertise, skills and resources of multiple owners.