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Under the Indian Partnership Act 1932, partnership is defined under which section?
ASection 2
BSection 4
CSection 12
DSection 17
Answer & Solution
Correct answer: B. Section 4
1. Section 4 of the Indian Partnership Act 1932 defines partnership.
2. It describes the relation between persons sharing profits of a business carried on by all or any acting for all.
3. Sections 12 and 17 deal with conduct of business and rights when no contract exists.
4. Hence the definition lies in Section 4.
_Source: Maharashtra Balbharati Std XII Book-Keeping & Accountancy, Ch 1 "Introduction to Partnership and Partnership Final Accounts", §1.1 ¶§1.1_
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