UrbanPro
Login Ask & Answer Success Stories Paid Courses Free Classes Tuition & Classes Fees Write a Review All Categories Help Center
Post your Learning Need Signup as a Tutor
✕

Popular Cities

Bangalore

Hyderabad

Delhi

Mumbai

Chennai

Pune

Kolkata

Gurgaon

Ahmedabad

Jaipur

Noida

✕

Take Class 11 Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Book a Free Demo

Class 11 Tuition > Learn Business Studies > In which form of organisation is a trade agreement...
✕

Search in

In which form of organisation is a trade agreement made by one owner binding on the others? Give reasons to support your answer.

Asked by Last Modified  

2 Answers

Learn Business Studies +1 Class XI-XII Tuition (PUC)

Follow 3
Answer

Please enter your answer

JU-IITKGP & 10+ years experienced for boards, JEE,NEET,OLYMPIAD & 5-12

In partnership form of organization, a trade agreement made by one owner is binding on the others. The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." The definition...
read more
In partnership form of organization, a trade agreement made by one owner is binding on the others. The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." The definition of partnership highlights the fact that it is a business carried on by all or anyone of the partners acting for all. One partner is an agent of other partners as he/she represents them and thereby binds them through his/her acts. He/She is a principal as he/she too can be bound by the acts of other partners. Hence, every partner is both an agent and a principal. This is the reason why a trade agreement made by one owner is binding on the others. Further, the partners are jointly responsible for the payment of debts and they contribute in proportion to their share in the business and as such are liable to that extent. The partners share amongst themselves the responsibility of decision making and control of day-to-day activities. read less
Comments
Dislike Bookmark

Expert Coach

In partnership form of organization, a trade agreement made by one owner is binding on the others. The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." The definition...
read more
In partnership form of organization, a trade agreement made by one owner is binding on the others. The Indian Partnership Act, 1932 defines partnership as "the relation between persons who have agreed to share the profit of the business carried on by all or anyone of them acting for all." The definition of partnership highlights the fact that it is a business carried on by all or anyone of the partners acting for all. One partner is an agent of other partners as he/she represents them and thereby binds them through his/her acts. He/She is a principal as he/she too can be bound by the acts of other partners. Hence, every partner is both an agent and a principal. This is the reason why a trade agreement made by one owner is binding on the others. Further, the partners are jointly responsible for the payment of debts and they contribute in proportion to their share in the business and as such are liable to that extent. The partners share amongst themselves the responsibility of decision making and control of day-to-day activities. read less
Comments
Dislike Bookmark

Related Questions

Discuss the features of departmental store. How are they different from multiple shops or chain stores?
A departmental store is a large establishment offering a wide variety of products, classified into well-defined departments, aimed at satisfying practically every customer's need under one roof. It has...
Sahiba
0 0
5
Elaborate the steps involved in on-line trading.
Steps involved in online trading are:1.Registration: Before online shopping, one has to register with the online vendor by filling up a registration form. Registration means that you have an 'account'...
Jitender
0 0
6

Which is best business learning class in pune?
Best business school in Pune that i would refer is Symbiosis Institute of Business Management.
Priya
0 0
5
What do mean by ATM? Write full form of ATM. Highlight the utilities of ATM.
Automatic Teller Machime, its an electronic machine which help customer to perform financial transactions electronically i.e. cash withdraw, balance check, ATM card PIN change, Mini statement etc.
Sharmistha
0 0
5
State the features of cottage industries.
Cottage industries are the type of industries where artistic and creative goods are produced using manual labour and techniques—for example, the handloom and the weaving industry. The features of...
Jainam

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Planning

Lavisha D.

0 0
0
Purpose, Profit, Risk, Growth, Continuity

Shashi Shankar

0 0
0
Production, Trade, Profession, Employment, Services

Shashi Shankar

0 0
0
Global Enterprises at a Glance, MNC and other international forms of business
Global Enterprises: These companies have many markets other than their own country market (domestic market) to sell their product. Their products are available nearly all over the world. Why has globalization...

Educator Titir S.

0 0
0
E-Commerce-- a short note!!
Electronic commerce is an emerging model of new selling and merchandising tools in which buyers are able to participate in all phases of a purchase decision, while stepping through those processes electronically...
K

Kousiki Chakraborty

1 0
0

Recommended Articles

The Trend of E-learning and it’s Benefits

E-learning is not just about delivering lessons online. It has a much broader scope that goes beyond manual paper or PowerPoint Presentations. To understand the reach of E-learning and how the whole process works in developing the Educational system, we will discuss a few points here. Let us find out how this new learning...

Read full article >

Top Benefits of e-Learning

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

6 Healthy Habits of School Children

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

Find Class XI Tuition near you
Class XI Tuition in Delhi
Class XI Tuition in Bangalore
Class XI Tuition in Hyderabad
Class XI Tuition in Kolkata
Class XI Tuition in Chennai
Class XI Tuition in Mumbai
Class XI Tuition in Gurgaon
Class XI Tuition in Pune
Class XI Tuition in Noida
Class XI Tuition in Ghaziabad

Looking for Class 11 Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
X

Looking for Class 11 Tuition Classes?

The best tutors for Class 11 Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take Class 11 Tuition with the Best Tutors

The best Tutors for Class 11 Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more

ThinkVidya Learning Pvt Ltd © 2010-2025 All Rights Reserved