Partnership - Basics

Front

Maximum number of partners in a Partnership as prescribed by Companies Act is

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50

Front

The partners in a partnership are collectively known as

Back

Firm

Front

The written agreement between partners is known as

Back

partnership deed

Front

Partners are principal and agent

Back

True

Front

Liability of partners is

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Unlimited

Front

Partnership agreement can only be in written form

Back

False

Front

Partnership can be made for charity purpose also

Back

False

Front

Business under partnership has to be carried by all partners

Back

False

Front

From accounting point of view partnership has a separate entity from its partners

Back

True

Front

Transactions are recoded in the books from the firms point of view

Back

True