Question

give the meaning of partnership firm and list out the characteristic​

Answer 1

Answer:

The term partnership, is used to mean a business structure wherein two or more individuals, come together for undertaking a lawful business and have agreed to share the profits and losses arising from it. It is started through a legal agreement between partners, called as partnership deed.

Answer 2

Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their business is carried on is called the “Firm Name” A partnership firm is not a separate legal entity distinct from its members.

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