Question

features of partnership with explanation​

Answer 1

Answer:

The main features of partnership firm are as follows:

Two or More Persons: There must be at least two persons to form a partnership. ...

Agreement: ...

Lawful Business: ...

Sharing of Profits: ...

Mutual Agency (i.e., Principal Agent Relationship): ...

No Separate Legal Existence: ...

Unlimited Liability:

Explanation:

Partnership is a form of business which came into existence due to the shortcomings of sole proprietorship.

When the business grows and prospers, one person is not enough to procure capital and look after its day-to-day affairs. In such a scenario, more persons join hands and contribute their funds as well as other skills to run the business. Thus, partnership is said to be an extension of sole proprietorship.

Partnership is an association of two or more persons who have mutually decided to carry out business activities jointly and share its profits as well as losses. The partnership agreement may be written or oral.

Answer 2

Answer:

1. Two or More Persons: There must be at least two persons to form a partnership.
2. Agreement.

3.awful Business.

4. Sharing of Profits.

5.Mutual Agency (i.e., Principal Agent Relationship).

6.No Separate Legal Existence.

7.Unlimited Liability.

Explanation:

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