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Forms Of Business Organization

Question

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Discuss the formation of a partnership firm.

Solution

A partnership firm is formed as a result of an agreement between two or more persons to carry on some business and sharing profits.
Such an agreement may be oral or written.
However, to avoid disputes in the future it is advisable to put important terms and conditions in writing.
The written agreement is known as 'Partnership Deed'.

Although not legally compulsory, it is advisable to get the partnership deed registered because of certain legal benefits.

Some More Questions From Forms of Business Organization Chapter

What is the meaning of Partnership organization?

Can a Partnership firm have a minor partner ?

Define partnership deed.

What do you understand by co-operative society?

Define company.

What do you understand by a Private Company?

What do you understand by a Public Company?

Under what circumstances, is a partnership form of business organisation suitable ?

Write a short note on 'implied agency', one of the important characteristics of partnership and also true test of partnership.

Would you say that the sole proprietorship involves a lengthy and expensive procedure for its registration?

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