In a partnership firm, the relationship between partners is based on:a) Ownership of sharesb) Articles of Associationc) Partnership deedd) Employment contract

Analyzing the Question

The question asks about the foundation of the relationship among partners in a partnership firm. Let's evaluate the options provided.

1. Ownership of shares: This is generally applicable to a corporation, not a partnership, where partners have ownership that is not represented by shares.

2. Articles of Association: This document governs the rules for managing a corporation, not a partnership. Partnerships typically do not use articles of association.

3. Partnership deed: This is a crucial document that outlines the terms and conditions of the partnership, including the roles and responsibilities of each partner, profit sharing, and more. It is the primary legal document that governs the relationship among partners.

4. Employment contract: This pertains to the relationship between an employer and an employee, which does not apply in the same way to partners who are co-owners of the business.

Final Answer

The relationship between partners in a partnership firm is based on c) Partnership deed.