Registration of a partnership firm does not create a partnership. It is merely a legal requirement to register a partnership firm under the Indian Partnership Act, 1932. The Act defines a partnership as "the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all." Therefore, a partnership is created by an agreement between persons who intend to carry on a business together and share the profits. Registration of a partnership firm is only evidence of the partnership and not the creation of it. In other words, if a partnership is created, it exists even if the partnership firm is not registered. However, registration of the firm provides evidence of the partnership, which can be useful in case of disputes or legal issues.
India’s foreign reserves do NOT consist of which of the following?
Which British scientist is known for developing the principle of holography in 1947 to improve the resolution of the electron microscope?
Indian Oil, Bharat Petroleum Corporation (BPCL) and which of the following will be laying the world’s longest LPG pipeline, from Kandla (Gujarat) to G...
Which of these statements accurately describe the annual budget presented by Odisha for FY 2024-25?
A.Chief Minister Mohan Charan Majhi announced...
Syed Modi India International is organised in which sporting event?
Read the given statements and select the correct option.
i) The Governor is the real head of the State Government
ii) The Chief Minister p...
In which of the following cases the Supreme Court, while laying out the ‘basic structure’ of the Constitution held that the democratic character of ...
By what year does the government aim to achieve an EV sales penetration of 30 percent for private cars as part of its effort to decarbonize the transpor...
When is World Braille Day observed each year?
Malik Ambar, who resisted Mughals in Deccan, was an able administrator of which state?
