What is the simple meaning of partnership?
Answer and explanation
Correct answer: Two or more people doing business together
Partnership is a form of business organisation in which two or more persons agree to carry on a business and share its results according to their agreement and applicable law. Partners generally contribute resources and participate in responsibility. Thus option A is correct; a single owner describes sole proprietorship, not partnership.
Frequently asked questions
What is the correct answer to this question?
Two or more people doing business together
Why is this the correct answer?
Partnership is a form of business organisation in which two or more persons agree to carry on a business and share its results according to their agreement and applicable law. Partners generally contribute resources and participate in responsibility. Thus option A is correct; a single owner describes sole proprietorship, not partnership.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Forms of Business Organisation. Topic: Partnership.
