Which among the following is NOT true about a Partnership?
- AEach partner is liable jointly with all the other partners and also severally to the third party for all the acts of the firm done while he is a partner.
- BPartnership is the result of an agreement between two or more persons to do business and share their profits and losses.
- CIf persons join hands for the purpose of some charitable activity it can be termed as partnership.
- DThe minimum number of partners in a firm can be two.
Solution & Step-by-step Explanation
A primary element of a partnership is the running of a legal business with an ultimate motive to earn and share profits. A joint venture or activity for purely philanthropic or charitable purposes does not possess a commercial business motive and therefore cannot be legally classified as a partnership.