Accounting · Partnership Accounts
A Partnership Firm is distinct from a Limited Liability Company because a partnership firm:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1Has its books audited annually mandatorily under all circumstances
- 2Does not possess a separate legal entity distinct from its partners✓
- 3Has perpetual succession
- 4Is a body corporate
Correct answer
Does not possess a separate legal entity distinct from its partners
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Accounting?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Partnership Accounts MCQs →Want more practice questions on Partnership Accounts?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Accounting · Partnership Accounts