Question

There can be partnership between:
a. Natural person
b. b. artificial person
c. partnership firms
d. any combination of natural and artificial persons

Answer 1

Answer:

c. partnership firms

Explanation:

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Answer 2

Answer:

There can be a partnership between any combination of natural and artificial persons.

Explanation:

Only a natural or artificial person may be a partner, according to Section 4 of the Partnership Act. As a result, both people and businesses can join a partnership firm as partners. A firm cannot join as a partner in another partnership firm since it is not a natural person with a legal existence. Any person who is legally capable of signing a contract is eligible to join a partnership firm. A partnership firm is unable to form a partnership with another firm, although its partner may do so. One type of business where partners may have minimal liability is a partnership where all participants share profits and liabilities equally.

Thus, a formal agreement between two or more parties to run a business and split the profits is called a partnership.