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Partnership

ICSE · Class 9 · Commercial Studies

Flashcards for Partnership — ICSE Class 9 Commercial Studies. Quick Q&A cards covering key concepts, definitions, and formulas.

54 questions35 flashcards5 concepts

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35 Flashcards
Card 1Meaning of Partnership

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.

Card 2Definitions of Partnership

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.

Card 3Definitions of Partnership

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.

Card 4Basic Terms

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.

Card 5Agreement in Partnership

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.

Card 6Number of Partners

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.

Card 7Number of Partners

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.

Card 8Mutual Agency

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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Frequently Asked Questions

What are the important topics in Partnership for ICSE Class 9 Commercial Studies?
Partnership covers several key topics that are frequently asked in ICSE Class 9 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Partnership — ICSE Class 9 Commercial Studies?
Understand the core concepts first, then work through the 54 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.
How many flashcards are available for Partnership?
There are 35 flashcards for Partnership covering key definitions, formulas, and concepts. Use them daily for 10–15 minutes for best results.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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