partnership kya h Related: Short Answer Questions- Chapter- Accounting for partnership firms- Fundamentals, Class 12, Accounts

Question

partnership kya h Related:  Short Answer Questions- Chapter- Accounting for partnership firms- Fundamentals, Class 12, Accounts

Answer

When two or more than two peoples decide.. to do business.. together... it is known as partnerships

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Agreement between two or more peoples

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When two or more competent person willingly agree to do a lawful business, share profit and losses, is called partnership.

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What is a Partnership?

A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses.

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Partnership is the relationship between two or more persons who agreed to share their profit and losses .

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When two or more people comes in to a agreement,for setting up a business and to run it and to share profit and loss is termed as partnership

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Partnership refers to a relation between  two or more persons who have agreed to share the profits of  a buss. Carried on by all or  any of them acting for all.

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When two or more than two persons come together to perform any economic activity which is legally accepted is called partnership.

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According to Indian partnership Act 1932 'partnership is the relation between who are agree to share the profit and loss of those legal business which is controlled by all of them or one of them'.

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