INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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TRUE
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FALSE
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Either A or B
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None of the above
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Detailed explanation-1: -Absence of a Partnership Deed The partners will share profits and losses equally. Partners will not get a salary. Interest on capital will not be payable. Drawings will not be chargeable with interest.
Detailed explanation-2: -When there is no provision in the partnership deed regarding the duration of partnership its is known as partnership at will. It is basically a partnership where partners have not agreed to remain in partnership until a definite fixed term.
Detailed explanation-3: -A partnership deed includes all matters regarding the partners’ mutual relationships. The accounting shall be conducted in accordance with the following provisions of the Indian Partnership Act of 1932, in the absence of an agreement.
Detailed explanation-4: -7. Partnership at will.-Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is ‘partnership at will’.