Multiple choice

According to the Indian Partnership Act 1932, which of the following is an essential condition to become a partner in a partnership firm?

  1. Getting fixed remuneration

  2. Sharing profit

  3. Earning interest only

  4. None of these

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

Right answer because  it is an essential condition to be called as partner of firm that he must share profits, whether he gets the salary and interest or not, according to Indian Partnership Act 1932.