Partnership is a form of business organization where two or more persons come together to carry on a business with a view to making a profit. In this context, the statement that is not correct is "Partnership arises from status and not contract." Let's explore the other statements in detail.

a) Partnership business must be carried on by all or any of them acting for all: In a partnership, all partners have equal rights and responsibilities. Each partner is an agent of the partnership and has the power to bind the partnership in contracts and other business dealings. This means that any partner can act on behalf of the partnership, and the actions of one partner are binding on all partners.

b) Partnership is created to make a profit: The primary objective of a partnership is to make a profit. The partners pool their resources, skills, and expertise to achieve this objective. The profits are shared among the partners according to the terms of the partnership agreement.

c) Partnership arises from status and not contract: This statement is not correct. Partnership is created by a contract between the partners. The contract can be oral or written, but it must meet the essential requirements of a valid contract, such as offer, acceptance, consideration, and intention to create legal relations. The partnership agreement sets out the terms and conditions of the partnership, such as the rights and duties of partners, profit-sharing ratio, capital contribution, etc.

d) Registration of partnership is not mandatory: Partnership registration is not mandatory, but it is advisable to register the partnership with the Registrar of Firms. Registration gives the partnership a legal identity, and the partners can sue and be sued in the name of the partnership. It also provides evidence of the existence of the partnership, the partners' names, and other details.

In conclusion, partnership is a popular form of business organization where two or more persons come together to make a profit. The partnership arises from a contract between the partners, and all partners have equal rights and responsibilities. While registration is not mandatory, it is advisable to register the partnership for legal recognition.

Partnership is the result of agreement. Agreement here means a contract. It arises from an agreement between two or more people. It cannot arise from status. The presence of agreement is a must. It indicates the voluntary contractual relationship of partnership.