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Which among the following are the features of a partnership firm?
14. Which among the following are the features of a partnership firm?
- Two or more persons are carrying common business under an agreement.
- They are sharing profits and losses in the fixed ratio.
- Business is carried by all or any of them acting tor all as an agent.
- All of the above.
Answer: D) All of the above.
Explanation:
The Indian Partnership Act, 1932 administers association types of business in India. Area 4 of this Act characterizes an association as the connection between accomplices who have consented to share the association's benefits carried on by all or any of them representing all.