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Features of a partnership firm are:
  • a)
     Two or more persons carrying common business under an agreement.
  • b)
    Sharing profits and losses in the fixed ratio.
  • c)
    Business carried by all or any of them acting for all.
  • d)
     All of the above
Correct answer is option 'D'. Can you explain this answer?
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Features of a partnership firm are:a)Two or more persons carrying comm...
Features of a partnership firm:
- Two or more persons carrying common business under an agreement: A partnership firm is formed by two or more individuals who come together to carry out a common business venture. They enter into a partnership agreement, which outlines the terms and conditions of the partnership.
- Sharing profits and losses in the fixed ratio: In a partnership firm, the partners agree to share the profits and losses of the business in a predetermined ratio. This ratio is decided based on the capital contribution, skills, and efforts of each partner.
- Business carried by all or any of them acting for all: In a partnership firm, each partner has the authority to conduct the business on behalf of the firm. The actions and decisions taken by any partner are binding on all partners. This shared responsibility allows for efficient management and decision-making.
- All of the above: The correct answer is option D, as all the mentioned features (A, B, and C) are characteristics of a partnership firm.
Overall, a partnership firm is a form of business organization where two or more individuals come together to carry out a common business venture. They share profits and losses in a fixed ratio and have the authority to act on behalf of the firm.
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Features of a partnership firm are:a)Two or more persons carrying common business under an agreement.b)Sharing profits and losses in the fixed ratio.c)Business carried by all or any of them acting for all.d)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Features of a partnership firm are:a)Two or more persons carrying common business under an agreement.b)Sharing profits and losses in the fixed ratio.c)Business carried by all or any of them acting for all.d)All of the aboveCorrect answer is option 'D'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Features of a partnership firm are:a)Two or more persons carrying common business under an agreement.b)Sharing profits and losses in the fixed ratio.c)Business carried by all or any of them acting for all.d)All of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Features of a partnership firm are:a)Two or more persons carrying common business under an agreement.b)Sharing profits and losses in the fixed ratio.c)Business carried by all or any of them acting for all.d)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
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