Q2 C of 18 Page 265

Answer the following questions in one or two sentences each:

What are partnership firms?


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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2 A

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 2 B

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 2 D

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 2 E

Answer the following questions in one or two sentences each:

How is the dissolution of partnership firm easy ?