Practicing Success
Practicing Success
CUET Preparation Today
Which of the following is NOT an essential feature of partnership? |
Each partner is liable jointly with all the other partners and also severally to the third party for all the acts of the firm done while he is a partner. In order to form partnership, there should be atleast two persons coming together for a common goal. There should be an agreement should be to carry on some business including charitable business. None of the above |
There should be an agreement should be to carry on some business including charitable business. |
Sharing of Profit:Another important element of partnership is that, the agreement between partners must be to share profits and losses of a business. Though the definition contained in the Partnership Act describes partnership as relation between people who agree to share the profits of a business, the sharing of loss is implied. Thus, sharing of profits and losses is important. If some persons join hands for the purpose of some charitable activity, it will not be termed as partnership. |
