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Direction: Read the following text and answer the questions on the basis of the same:
Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.
Q. Name the written agreement which defines the terms and conditions of such partnership.
- a)MOU
- b)MOA
- c)Partnership deed
- d)Partnership registration
Correct answer is option 'C'. Can you explain this answer?
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Direction: Read the following text and answer the questions on the ba...
The written agreement which defines the terms and conditions of such partnership is Partnership deed.
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Direction: Read the following text and answer the questions on the ba...
Partnership Deed: Defining the Terms and Conditions of the Partnership
The written agreement that defines the terms and conditions of the partnership between Madhu, Himanshu, and Mayank is called a partnership deed. The partnership deed is a legal document that outlines the rights, obligations, and responsibilities of the partners involved in a partnership. It serves as the foundation of the partnership and governs the relationship between the partners.
Key Points:
- Definition and Purpose: The partnership deed is a legally binding document that sets out the terms and conditions of the partnership. It ensures clarity and transparency in the partnership by clearly defining the roles, responsibilities, and rights of each partner.
- Contents of the Partnership Deed: The partnership deed typically includes information such as the name and address of the partnership firm, the names and addresses of the partners, the nature of the business, the duration of the partnership, the capital contribution of each partner, the profit-sharing ratio, the decision-making process, and the terms and conditions of the partnership.
- Importance of the Partnership Deed: The partnership deed plays a crucial role in a partnership as it provides a framework for the smooth functioning of the business. It helps prevent misunderstandings or disputes among the partners by clearly outlining their rights and obligations.
- Legally Binding: The partnership deed is a legally enforceable document. In case of any disputes or conflicts, the terms and conditions mentioned in the partnership deed can be referred to for resolution.
- Registration of the Partnership Deed: While registration of the partnership deed is not mandatory, it is advisable to register it with the relevant authority. Registration provides legal validity to the partnership deed and protects the rights of the partners. It also allows the partners to avail certain benefits and privileges provided by the government.
- Amendment and Termination: The partnership deed can be amended or terminated by mutual consent of the partners. However, any changes to the partnership deed should be documented and duly registered, if required.
Conclusion:
In the given scenario, the written agreement between Madhu, Himanshu, and Mayank, which outlines the terms and conditions of their partnership, is referred to as a partnership deed. The partnership deed serves as a legally binding document that defines the rights, obligations, and responsibilities of the partners in the construction project. It ensures a smooth functioning of the partnership and helps prevent any disputes or misunderstandings among the partners.
The written agreement that defines the terms and conditions of the partnership between Madhu, Himanshu, and Mayank is called a partnership deed. The partnership deed is a legal document that outlines the rights, obligations, and responsibilities of the partners involved in a partnership. It serves as the foundation of the partnership and governs the relationship between the partners.
Key Points:
- Definition and Purpose: The partnership deed is a legally binding document that sets out the terms and conditions of the partnership. It ensures clarity and transparency in the partnership by clearly defining the roles, responsibilities, and rights of each partner.
- Contents of the Partnership Deed: The partnership deed typically includes information such as the name and address of the partnership firm, the names and addresses of the partners, the nature of the business, the duration of the partnership, the capital contribution of each partner, the profit-sharing ratio, the decision-making process, and the terms and conditions of the partnership.
- Importance of the Partnership Deed: The partnership deed plays a crucial role in a partnership as it provides a framework for the smooth functioning of the business. It helps prevent misunderstandings or disputes among the partners by clearly outlining their rights and obligations.
- Legally Binding: The partnership deed is a legally enforceable document. In case of any disputes or conflicts, the terms and conditions mentioned in the partnership deed can be referred to for resolution.
- Registration of the Partnership Deed: While registration of the partnership deed is not mandatory, it is advisable to register it with the relevant authority. Registration provides legal validity to the partnership deed and protects the rights of the partners. It also allows the partners to avail certain benefits and privileges provided by the government.
- Amendment and Termination: The partnership deed can be amended or terminated by mutual consent of the partners. However, any changes to the partnership deed should be documented and duly registered, if required.
Conclusion:
In the given scenario, the written agreement between Madhu, Himanshu, and Mayank, which outlines the terms and conditions of their partnership, is referred to as a partnership deed. The partnership deed serves as a legally binding document that defines the rights, obligations, and responsibilities of the partners in the construction project. It ensures a smooth functioning of the partnership and helps prevent any disputes or misunderstandings among the partners.
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Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer?
Question Description
Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer?.
Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer?.
Solutions for Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Direction: Read the following text and answer the questions on the basis of the same:Madhu, Himanshu and Mayank, after completing B.E. in civil engineering, have jointly taken a project of constructing three government school buildings in a village near Agra within the time period of 6 months. As per the written agreement between them, only Madhu and Mayank will contribute the capital, and take all managerial decisions, whereas Himanshu will contribute capital only but will not be actively involved in management.Q. Name the written agreement which defines the terms and conditions of such partnership.a)MOUb)MOAc)Partnership deedd)Partnership registrationCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice Commerce tests.
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