Which of the following statement s is are true ........

Companies Act-Phase (I & II) Introduction to Company Act

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Which of the following statement(s) is /are true?

Partnership firm has a separate legal entity

Partnership firm does not have perpetual succession

Registration of Partnership firm is optional

Both first and second option

Both second and third option

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Explanation:

A Partnership firm is not a legal entity apart from the partners constituting it. It does not have perpetual succession, a change in the membership affects the partnership. The Indian Partnership Act, 1932 has no compulsion for firm registration and no fine for non-registration.