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A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain?
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A and B separately tender for a contract to cut and remove bamboos fro...
Explanation:
Not a Partnership
In this scenario, A and B are not forming a partnership. This is evident from the fact that they have not entered into a formal agreement to carry on a business together. They have only agreed to mutually share the bamboos and deal with their share as personal concern.
No Joint Business
A partnership involves the carrying on of a joint business with a view to earning a profit. However, in this case, A and B are not carrying on any joint business. Each of them is entitled to deal with their share of bamboos as personal concern. Therefore, there is no intention to earn a profit jointly.
No Sharing of Profit or Loss
In a partnership, the partners share the profit or loss of the business. However, in this case, there is no sharing of profit or loss. Each of them is entitled to their share of bamboos, no matter who is granted the contract. Therefore, there is no sharing of profit or loss between A and B.
No Agency Relationship
An agency relationship exists when one person (the principal) authorizes another person (the agent) to act on their behalf. However, in this case, there is no agency relationship between A and B. They are not authorized to act on each other's behalf. Each of them is entitled to deal with their share of bamboos as personal concern.
Conclusion:
In conclusion, A and B are not forming a partnership as they have not entered into a formal agreement to carry on a joint business with a view to earning a profit. They have only agreed to mutually share the bamboos and deal with their share as personal concern. Therefore, this arrangement does not fall within the definition of a partnership.
Not a Partnership
In this scenario, A and B are not forming a partnership. This is evident from the fact that they have not entered into a formal agreement to carry on a business together. They have only agreed to mutually share the bamboos and deal with their share as personal concern.
No Joint Business
A partnership involves the carrying on of a joint business with a view to earning a profit. However, in this case, A and B are not carrying on any joint business. Each of them is entitled to deal with their share of bamboos as personal concern. Therefore, there is no intention to earn a profit jointly.
No Sharing of Profit or Loss
In a partnership, the partners share the profit or loss of the business. However, in this case, there is no sharing of profit or loss. Each of them is entitled to their share of bamboos, no matter who is granted the contract. Therefore, there is no sharing of profit or loss between A and B.
No Agency Relationship
An agency relationship exists when one person (the principal) authorizes another person (the agent) to act on their behalf. However, in this case, there is no agency relationship between A and B. They are not authorized to act on each other's behalf. Each of them is entitled to deal with their share of bamboos as personal concern.
Conclusion:
In conclusion, A and B are not forming a partnership as they have not entered into a formal agreement to carry on a joint business with a view to earning a profit. They have only agreed to mutually share the bamboos and deal with their share as personal concern. Therefore, this arrangement does not fall within the definition of a partnership.
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A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain?
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A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain? 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 A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain?.
A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain? 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 A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A and B separately tender for a contract to cut and remove bamboos from a certain jungle They mutually agree that each one of them shall be entitled to a certain share of bamboos no matter whosoever is granted the contract, and each one is entitled to deal with his share of the bamboos as his personal concern. It's not a particular partnership, why? Can you explain?.
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