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    Question

    What are the key elements of the true test of

    Partnership according to the Partnership Act?
    A Mutual Agency Correct Answer Incorrect Answer
    B Profit Sharing Correct Answer Incorrect Answer
    C Joint ownership of property Correct Answer Incorrect Answer
    D All a, b & c Correct Answer Incorrect Answer
    E Both a & b Correct Answer Incorrect Answer

    Solution

    Section 4. Definition of “partnership”, “partner”, “firm” and “firm name”— "Partnership” is 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.

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