Question : The basic elements of partnership are:

Option 1: association of two or more persons based on agreement

Option 2: business carried on by all or any of them acting for all

Option 3: sharing of profits and losses among the partners in the aggregate ratio

Option 4: All of the above

Question : Features of a partnership firm are:

Option 1: Two or more persons are carrying common business under an agreement.

Option 2: They are sharing profit and losses in the fixed ratio.

Option 3: Business is carried by all and any of them acting for all as an agent.

Option 4: All of the above.

Question : Features of a partnership firm are:

Option 1: Two or more persons are carrying common business under an agreement.

Option 2: They are sharing profit and losses in the fixed ratio.

Option 3: Business is carried by all and any of them acting for all as an agent.

Option 4: All of the above.

Question : The relationship between persons who have agreed to share the profits of a Business carried on by all or any of them acting for all is known as

Option 1: Partnership

Option 2: Joint venture

Option 3: Association of persons

Option 4: Body of individual

Question : The relationship between persons who have agreed to share the profits of a Business carried on by all or any of them acting for all is known as

Option 1: Partnership

Option 2: Joint venture

Option 3: Association of persons

Option 4: Body of individual

Question : Following are essential elements of a partnership firm except :-

Option 1: Atleast two persons 

Option 2: There is an agreemenrt between all partners 

Option 3: Equal share of profit and losses 

Option 4: partnership agreement is for some business