(i) In Partnership firm, minimum three members are required.

Question

Correct the underlined word and rewrite the following sentences.

(i) In Partnership firm, minimum three members are required.

(ii) In Joint Hindu Family business, the senior most member of family is called as Co-parcener.

(iii) Indian Partnership Act, 1940 is applicable in India.

Answer 1

(i) In partnership firm, minimum two members are required.

(ii) In Joint Hindu Family business, the senior most member of family is called as Karta.

(iii) Indian Partnership Act, 1932 is applicable in India.