Question

al 2. Define Partnership. What are the character-
isties of lartnershop?​

Answer 1

Answer:

definition:-

The Partnership is the relation which subsists between individuals, who have decided to pool their money, skill and resources in business, to share profits and losses, in an agreed ratio. The members of a partnership, are jointly known as the partnership firm and severally known as partners.

Explanation:

characteristics

Existence of an agreement: Partnership is the outcome of an agreement between two or more persons to carry on business.

Existence of business:

Sharing of profits:

Agency relationship:

Membership:

Nature of liability:

Fusion of ownership and control:

Non-transferability of interest:

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