GK
BUSINESS MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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Flase
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Either A or B
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None of the above
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Detailed explanation-1: -Individuals who have entered into a partnership with one another are called Partners individually. The partners may be called collectively as the name under which the business is carried on is called the name of the Firm. A partnership is merely an abstract legal relationship between the partners.
Detailed explanation-2: -Persons who have entered into partnership with one another are called individually, “partners” and collectively “a firm", and the name under which their business is carried on is called the “firm-name".
Detailed explanation-3: -A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. Professionals like doctors and lawyers often form a limited liability partnership.
Detailed explanation-4: -The written agreement of partnership is called a partnership deed. It is a contract between two or more individuals who decide to manage and operate a business together for profit-making.