Partnership — Flashcards
ICSE · Class 9 · Commercial Studies
35 flashcards for Partnership (ICSE Class 9 Commercial Studies) to test yourself on key terms and facts. Sample: "What is partnership in simple terms?"
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What is partnership in simple terms?
Answer
Partnership is a form of business organisation formed by two or more persons who agree to carry on a lawful business together and share its profits.
State the definition of partnership given by L.H. Haney.
Answer
Partnership is the relation between persons competent to make contract, who agree to carry on a lawful business in common with a view to private gain.
State the definition of partnership given by the Partnership Act.
Answer
Partnership is the relation between persons who have agreed to share profits of a business carried on by all or any one of them acting for all.
Who are called partners and what is a firm?
Answer
The persons who enter into partnership are called partners. Collectively, they are called a firm.
Why is partnership called the result of an agreement?
Answer
Partnership arises from a contract, not from status or birth. The agreement may be oral or in writing, but it must satisfy the essentials of a valid contract.
What is the minimum and maximum number of partners allowed in a partnership?
Answer
At least two persons are needed to form a partnership. The maximum number of partners is 50 as per Rule 10 of the Companies (Miscellaneous) Rule 2014.
Can a firm become a partner of another firm?
Answer
No. A firm cannot become a partner of another firm. However, its individual partners can join other firms as partners.
What is mutual agency in partnership?
Answer
Mutual agency means every partner is an implied agent of the other partners and of the firm. Any partner can act on behalf of the others in business matters.
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