Explain the following terms/concept Partnership Firm.
Explain the following terms/concept
Partnership Firm.
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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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