"The business of a partnership concern may be carried on by all the partners or any one of them acting for all", indicate which feature of the partnership?

The statement "The business of a partnership concern may be carried on by all the partners or any one of them acting for all" indicates the feature of Mutual Agency.

Under the principle of mutual agency, every partner is both an agent and a principal of the firm. This means:

As an Agent: Each partner can act on behalf of the firm and bind all other partners through their actions in the ordinary course of business.

As a Principal: Each partner is bound by the acts of other partners when they act within the scope of the partnership business.

The key phrase "any one of them acting for all" directly points to this agency relationship. When one partner enters into a contract or conducts business within the scope of partnership activities, all partners become bound by that action, as if they had all agreed to it collectively.

This is different from:

• Agreement (which is about the contract that creates the partnership)
• Business (which refers to the requirement of carrying on lawful business)
• Liability of partners (which relates to unlimited liability for firm's debts)

The mutual agency relationship creates both rights and responsibilities, as each partner must trust others to act prudently since their actions affect all partners equally.