Hello aspirant,
According to the section 4 of Indian partnership act, 1932 partnership is defined as, '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’.
In a partnership firm, two or more people join forces to start a business and distribute the earnings equitably. Any type of business, trade, or profession falls under the umbrella of a partnership. Compared to corporations, a partnership firm is simpler to establish and requires less compliances.
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Question : The dissolution of partnership between all the partners of a firm is called:
Option 1: Reconstitution of partnership firm
Option 2: Dissolution of partnership
Option 3: Dissolution of partnership firm
Option 4: Any of the above
Question : According to —— the dissolution of partnership between all the partners of a firm is called dissolution of the partnership firm.
Option 1: Section 38, of Indian partnership Act 1932
Option 2: Section 39, of Indian partnership Act 1932
Option 3: Section 32, of Indian partnership Act 1932
Option 4: Section 40, of Indian Partnership Act 1932
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