According to the Partnership Act, 1932, a partnership firm must have at least two partners.

Joint Stock Company is not a type of partnership recognized under the Partnership Act, 1932.

In a general partnership, the liability of partners is unlimited, meaning they are personally liable for the debts and obligations of the partnership.

A managing partner is responsible for managing the day-to-day operations of the firm, representing the firm in legal matters, and distributing profits among partners.

The process of dissolving a partnership firm is called winding up.

The Partnership Act, 1932 aims to regulate the formation and operation of partnership firms in India, protect the rights of partners and creditors, and promote ethical business practices among partners.

The Partnership Act, 1932 does not specify a maximum number of partners allowed in a partnership firm.

A partner cannot transfer their share in the firm without the consent of other partners.

In a limited partnership, the liability of partners is limited to the extent of their capital contribution.

The Partnership Act, 1932 does not specify a minimum capital requirement for forming a limited liability partnership (LLP).

A partner is not allowed to compete with the firm.

The process of admitting a new partner into a partnership firm is called admission.

The process of removing a partner from a partnership firm is called expulsion.

The Partnership Act, 1932 does not specify a maximum number of partners allowed in a limited liability partnership (LLP).

In a limited liability partnership (LLP), the liability of partners is limited to the extent of their capital contribution.