Which section of the Indian Partnership Act, 1932 defines partnership?
Question and options
Which section of the Indian Partnership Act, 1932 defines partnership?
Section 5
Section 2
Section 4
Section 3
Answer and explanation
Correct answer: C - Section 4
Section 4 of the Indian Partnership Act, 1932 defines partnership, partner, firm and firm name. Section 2 contains other definitions such as act of a firm and business, section 3 applies the Indian Contract Act, 1872 where not inconsistent, and section 5 says partnership arises from contract and not from status.
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