define : -
(1) partnership
(2) partnership firm
(3) partner
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PARTNERSHIP
two participants are dividing and working on something
PARTNERSHIP FIRM
the person who starts his/her own business is known as parternship firm
PARTNER
either of two pair engaged in the same activity.
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(1) A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.
(2) A partnership firm is where two or more persons come together to form a business and divide the profits in an agreed ratio.
(3) Persons who have entered into partnership with one another to carry on a business are individually called Partners.
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