(i) "Whether a group of persons is or is not a firm, or whether a person is or is not a partner in a firm." Explain the mode of determining…
CA Foundation · Business Laws · MTP · June 2024
(i) "Whether a group of persons is or is not a firm, or whether a person is or is not a partner in a firm." Explain the mode of determining existence of partnership as per the Indian Partnership Act, 1932? (ii) Discuss the provisions regarding personal profits earned by a partner under the Indian Partnership Act, 1932?
Suggested Answer and Working Notes:
(i) Mode of determining existence of partnership (Section 6 of the Indian Partnership Act, 1932): In determining whether a group of persons is or is not a firm, or whether a person is or not a partner in a firm, regard shall be had to the real relation between the parties, as shown by all relevant facts taken together. For determining the existence of partnership, it must be proved.
Topics: The Indian Partnership Act, 1932
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