Partnership can be set up between persons carrying on a business…
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Partnerships are a common form of business organization where two or more individuals come together to operate a business and share its profits. However, it’s important to understand the different types of partnerships and their purposes.
In the context of your question, let's break down the two options provided:
To summarize, partnerships can indeed be set up between persons carrying on a business primarily for the purpose of receiving profits. While partnerships can also engage in charitable activities, they are usually structured differently to meet legal requirements for non-profit organizations.
In conclusion, if you are considering forming a partnership, it’s crucial to clearly define the purpose of the partnership and understand the legal implications associated with it.