Q1 B of 18 Page 265

Fill in the blanks in the following sentences with appropriate words:

The Indian Partnership Act was passed in the year _________ to regulate the affairs of the partnership firms.


The Indian Partnership Act was passed in the year 1932 to regulate the affairs of the partnership firms.

Explanation: Partnership firms are characterized by the division of ownership between two or more partners. In the Partnership Firm Act of 1932, it is defined as the relation between the 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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1 A

Fill in the blanks in the following sentences with appropriate words:

The business concern that is owned and managed by a single person is called ___________ .


 1 C

Fill in the blanks in the following sentences with appropriate words:

The Maximum number of partners in a firm which carries out banking business is ______ .


 1 D

Fill in the blanks in the following sentences with appropriate words:

The Head of the Hindu undivided family business is known as______ .


 1

Fill in the blanks in the following sentences with appropriate words:

The only business concern under private business organization found in India is ______ .