CA Foundation Exam > CA Foundation Questions > A firm is the name of:a)The Partnersb)The min...
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A firm is the name of:
- a)The Partners
- b)The minors in the firm.
- c)The business under which the firm carries on business
- d)The collective name under which it caries on business.
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
A firm is the name of:a)The Partnersb)The minors in the firm.c)The bus...
Explanation:
Collective Name of Business
A firm is a collective name under which a business carries on its operations. It is a legal entity that carries out business activities under a specific name. It can be a partnership firm, a limited liability partnership firm, or a company.
Different from Partners
A firm is different from its partners. The partners are individuals who own and run the business, whereas the firm is the entity that carries out the business activities. The partners may change, but the firm remains the same.
Legal Entity
A firm is a legal entity that is recognized by the law. It has its own identity, distinct from its partners. It can own property, enter into contracts, and sue or be sued in its own name.
Liability
The liability of the firm is separate from the liability of its partners. In a partnership firm, the partners have unlimited liability, which means that they are personally liable for the debts of the firm. In a limited liability partnership firm, the liability of the partners is limited to the extent of their capital contribution.
Conclusion
In summary, a firm is the collective name under which a business carries on its operations. It is a legal entity that is separate from its partners and has its own identity. The liability of the firm is separate from the liability of its partners.
Collective Name of Business
A firm is a collective name under which a business carries on its operations. It is a legal entity that carries out business activities under a specific name. It can be a partnership firm, a limited liability partnership firm, or a company.
Different from Partners
A firm is different from its partners. The partners are individuals who own and run the business, whereas the firm is the entity that carries out the business activities. The partners may change, but the firm remains the same.
Legal Entity
A firm is a legal entity that is recognized by the law. It has its own identity, distinct from its partners. It can own property, enter into contracts, and sue or be sued in its own name.
Liability
The liability of the firm is separate from the liability of its partners. In a partnership firm, the partners have unlimited liability, which means that they are personally liable for the debts of the firm. In a limited liability partnership firm, the liability of the partners is limited to the extent of their capital contribution.
Conclusion
In summary, a firm is the collective name under which a business carries on its operations. It is a legal entity that is separate from its partners and has its own identity. The liability of the firm is separate from the liability of its partners.
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A firm is the name of:a)The Partnersb)The minors in the firm.c)The bus...
Answer is D. a firm is just the same as saying an organization or a company
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A firm is the name of:a)The Partnersb)The minors in the firm.c)The business under which the firm carries on businessd)The collective name under which it caries on business.Correct answer is option 'D'. Can you explain this answer?
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