'The business of a partnership concern may be carried on by all the partners or any of them acting for all.'Which feature of partnership is indicated by the above statement?
- ABusiness
- BAgreement
- CMutual agency
- DProfit sharing
Solution & Step-by-step Explanation
The statement explicitly defines the element of Mutual Agency. It means that every partner is both an agent (who can bind other partners by their actions) and a principal (who is bound by the actions of other partners).