Q. 6. What is Partnership Firm?

Ans: Partnership is a form of business organization in which two or more persons contribute their capital and skill and share the profit and loss of the business in their agreed ratio.
Persons who run businesses under partnership are called individually “Partners” and collectively “firm”. Partnership is governed by Indian Partnership Act, 1932.

Section 4 of Indian Partnership Act, 1932 defines partnership as under:

"The relation between the persons who have agreed to share the profits of a business carried on by all or any of them acting for all".

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