Business Studies · Partnership
The Indian Partnership Act, 1932 defines partnership as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1'A partnership is a form of business organization in which two or more persons up to a maximum of twenty join together to undertake some form of business activity'.
- 2'A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests'.
- 3'As an association of two or more persons to carry on as co-owners a business for profit'.
- 4'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'.✓
Correct answer
'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'.
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