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CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership

Match the terms in Column I with the descriptions in Column II as per Section 4 of the Indian Partnership Act, 1932. Column I: (P) Partner (Q) Firm (R) Firm name Column II: (1) Name under which business is carried on (2) Person who has entered into partnership, individually (3) Persons who have entered into partnership, collectively

The correct matching is P-2, Q-3, R-1. A partner is a person who entered into partnership individually, a firm is the partners collectively, and the firm name is the name under which the business is carried on, as defined in Section 4.

  1. AP-2, Q-3, R-1Correct
  2. BP-3, Q-2, R-1
  3. CP-2, Q-1, R-3
  4. DP-1, Q-3, R-2

Explanation

Section 4 says persons who have entered into partnership are individually partners (P-2) and collectively a firm (Q-3). The name under which the business is carried on is the firm name (R-1). The other options swap individual and collective descriptions or the name.

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