Question

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What is partnership?What are its characteristics ? EXPLAIN (5 MARKS).

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Answer 1

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 profits and losses arising from it .

Characteristics of Partnership -

1. Membership
2. Unlimited Liability
3. Sharing of profit and loss .
4. mutual agency
5. voluntary registration
6. continuity
7. Contractual relationship
8. Transfer of interest .

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Answer 2

Heya Mate!

Here's your answer!

PARTNERSHIP: Is a business where more than one individual engages in business pooling money and other resources while sharing profits and liabilities in percentages agreed.

CHARACTERISTICS:

• Existence of agreement
• Sharing of profits
• Membership
• Nature of liability
• Existence of business

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