The risk are shared. This is the feature of :
Sole trader
Company
Partnership
HUF
Normally maximum number of people allowed in a business.
10
20
30
25
Is it mandatory to register a partnership firm?
Yes, it's mandatory
No, it isn't
No comments
Either can register
Loans from partners is:
Part of capital
Not a part of capital
Part of asset
Part of drawings
A partner may make a loan to the business. This is treated as:
Partner's personal loan
Similar to all other loans
Different from other loans
Both B & C
Each member of partnership has an account other than capital. This is:
Capital account
Current account
Personal account
Nominal account
In which section of Indian constitution is partnership defined?
Section 4
Section 3(j)
Section 2 (h)
Section 11
A business owned by only one person is:
Limited liability partnership
The amount of balance, after the interest on capital and partners salaries are deducted is known as:
Profit
Net profit
Residual profit
Gross profit
A capital account has:
Debit balance
Nominal balance
Personal balance
Credit balance
