Multiple choice

The Indian Partnership Act, 1932

Person's who have entered into partnership with one-another are called collectively?

  1. Partner

  2. Company

  3. Firm

  4. Shop

Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under the Indian Partnership Act, when persons enter into a partnership, they are collectively called a 'firm'. A 'partner' refers to an individual member, while 'firm' refers to all members collectively.