define partnerships acts with it features
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Definition of partnership, partner, firm and firm name. Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
FEATURE :
The key features of a partnership are (subject to any variations set out in a partnership agreement between the partners): Share of risk and rewards – all individuals share the risks and rewards of the business. Share of profits – each partner is entitled to share the net profits of the business.
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Definition of partnership, partner, firm and firm name. Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
FEATURE :
The key features of a partnership are (subject to any variations set out in a partnership agreement between the partners): Share of risk and rewards – all individuals share the risks and rewards of the business. Share of profits – each partner is entitled to share the net profits of the business.
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