Explain the following terms/conceptPartnership Firm.

1.	Explain the following terms/conceptPartnership Firm.
Answer» 1. It is a voluntary association of two or more persons with a common objective. 2. It is formed by an agreement called Partnership deed. 3. It is governed by Indian Partnership Act, 1932. 4. Registration of partnership firm is optional as per Partnership Act, 1932. 5. In Maharashtra, registration of partnership firm is made compulsory.

Answer»

1. It is a voluntary association of two or more persons with a common objective.

2. It is formed by an agreement called Partnership deed.

3. It is governed by Indian Partnership Act, 1932.

4. Registration of partnership firm is optional as per Partnership Act, 1932.

5. In Maharashtra, registration of partnership firm is made compulsory.

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