Commerce · Class 11 Commerce
Ch 5Partnership — Class 11 Commerce, concept-first.
Partnership is one of the forms of business organisation covered in the Elements of Commerce syllabus for the first year of the Andhra Pradesh Intermediate course, and it is examined at genuine depth — expect both objective-type questions and full descriptive answers built around the Indian Partnership Act, 1932, which…
Key concepts
Hover a concept to preview it and jump to its most relevant Q&A.
Meaning and Essential Features of Partnership
Under Section 4 of the Indian Partnership Act, 1932, 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.
Most relevant Q&A
- Under Section 4 of the Indian Partnership Act, 1932, 'partnership' is defined as: (A) An association of any number of persons carrying on a…Free
- A widow of a deceased partner receives a fixed share of a firm's profits every year as an annuity, but takes no part in managing the busines…Free
- Under the Companies Act, 2013 (read with the Companies (Miscellaneous) Rules, 2014), the maximum number of partners permitted in a partnersh…Free
- State any four essential features of a partnership, as they follow from Section 4 of the Indian Partnership Act, 1932.Free
- Ramesh lends ₹5,00,000 to a firm run by three friends. As per their written agreement, instead of charging a fixed rate of interest, Ramesh…Free
Chapter contents
The NCERT structure, section by section. Open a section to see its questions, then read the concept-first solution.
Overview
Partnership is one of the forms of business organisation covered in the Elements of Commerce syllabus for the first year of the Andhra Pradesh Intermediate course, and it is examined at genuine depth…
Meaning, Definition and Essential Features of Partnership
Definition — Section 4, Indian Partnership Act, 1932: "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."…
Partnership Deed
Because partnership is created purely by contract (Section 5), that contract can, in principle, be entirely oral.
Types of Partners
Not every partner plays the same role in a firm. The Act and standard commercial practice recognise several distinct types, based on how much capital a person contributes, how actively they participat…
Partnership at Will, Particular Partnership and Registration of a Firm
Two kinds of firm, based on duration and purpose:
Merits and Limitations of Partnership
Merits of the Partnership form:
Dissolution of a Firm
Definition — Section 39. "The dissolution of partnership between all the partners of a firm is called the dissolution of the firm." The wording is precise for a reason: the Act carefully distinguishes…
Sample & Board Papers
Sample papers and previous-year board questions for this subject.
More questions
12 Q+−Show 8 questionsHide questions8 questions
- Q1Under Section 4 of the Indian Partnership Act, 1932, 'partnership' is defined as: (A) An association of any number of persons carrying on a…Free
- Q2A widow of a deceased partner receives a fixed share of a firm's profits every year as an annuity, but takes no part in managing the busines…Free
- Q3Under the Companies Act, 2013 (read with the Companies (Miscellaneous) Rules, 2014), the maximum number of partners permitted in a partnersh…Free
- Q4A partner who contributes capital, shares in the profits and losses with full unlimited liability, but does not take part in the day-to-day…Preview
- Q5As per Section 30 of the Indian Partnership Act, 1932, a minor admitted to the benefits of an existing partnership: (A) Becomes a full partn…Preview
- Q6A partnership formed with no fixed duration and no provision made for how it is to be determined is called, under Section 7 of the Act: (A)…Preview
- Q7Which of the following is a consequence of a firm remaining UNREGISTERED, under Section 69 of the Indian Partnership Act, 1932? (A) The firm…Preview
- Q8Two partners, A and B, contribute capital in the ratio 3:1 but their partnership deed is silent on the profit-sharing ratio. As per Section…Preview