CSEET · Business Laws and Management · Elements of Law relating to Partnership and Limited Liability Partnership
Under the Indian Partnership Act, 1932, the collective name for persons who have entered into partnership with one another is:
Persons who have entered into partnership are collectively called a firm. Individually each is a partner, and the name under which the business is carried on is the firm name, as provided in Section 4.
- APartner
- BFirmCorrect
- CFirm name
- DAssociation
Explanation
Section 4 states that persons who have entered into partnership are individually called partners and collectively a firm. The firm name is the name under which business is carried on, not the collective term for the persons.
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