Question

How many persons are required to form partnership business? (Answer in one sentence)

Answer 1

Reconstitution of a partnership refers to a situation when there is a change in the existing partnership agreement. ... Thus, the cases such as admission ofa new partner, death / retirement / insolvency of a partner, change in profit sharing ratio, etc., leads to a reconstitution of partnership

Answer 2

A partnership business requires a minimum of two people and a maximum of twenty people to form.

In a partnership business, the partners involved usually contribute resources and labour to start up the business. The pooled resources act as the capital to start up the business.

Characteristics of a partnership:

1. A partnership is requires 2 or more people to start up
2. Decision making in a partnership is quite easy as is not so formal.
3. It is easy to form
4. Mutual agency
5. Unlimited liability
6. Owner of partnership can be easily transfered as agreed by other partners.