Partnership
ICSE · Class 11 · Commerce
Flashcards for Partnership — ICSE Class 11 Commerce. Quick Q&A cards covering key concepts, definitions, and formulas.
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What is partnership?
Answer
Partnership is 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. It is formed by agreement, not by status. Partners work …
Why is partnership formed instead of sole proprietorship?
Answer
Partnership is formed to combine financial resources and managerial skills. A single person may not have enough capital, experience, or control for a growing business. In partnership, two or more pers…
State the statutory characteristics of partnership.
Answer
The statutory characteristics are: agreement between two or more persons, legal business, contractual relationship, profit motive, and principal-agent relationship. These are the basic legal features …
What does principal-agent relationship mean in partnership?
Answer
Each partner acts as both principal and agent. A partner can bind the firm and the other partners through acts done within authority. This is called mutual agency and is one of the main features of pa…
What are the general characteristics of partnership?
Answer
The general characteristics are unlimited liability, no separate legal entity, utmost good faith, restriction on transfer of interest, definite name of the firm, mutual agency, non-transferability of …
Why can minors and lunatics not become partners?
Answer
Partnership is a contractual relationship, so only persons who can enter into a valid contract can become partners. Minors and lunatics cannot enter into a valid contract, so they cannot become partne…
What is the minimum number of partners in a partnership firm?
Answer
The minimum number of partners is two. Partnership cannot exist with only one person because it requires an agreement between at least two persons.
What is the maximum number of partners allowed currently?
Answer
The maximum number of partners prescribed currently is 50, subject to the government-prescribed limit.
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