CMA Intermediate · Business Laws and Ethics · Indian Partnership Act, 1932
Ramesh, Suresh and Mahesh carry on a trading business together. Collectively they are called a "firm", and the name under which the business is carried on is called the:
The name under which the partners' business is carried on is called the firm name. Under Section 4, the persons are individually partners and collectively a firm, and the business name is the firm name, not the deed or a licence.
- Apartnership deed
- Bfirm nameCorrect
- Ctrade licence
- Dregistered style
Explanation
Section 4 states that persons who have entered into partnership are individually partners and collectively a firm, and the name under which their business is carried on is the firm name. The other terms are not the statutory term.
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