justify the following statements all partner are joint owner of partnership firm
Answers
Answer:
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Explanation:
1) A business organization owned and managed by more than one person where all partners shares in profits and losses of the business as well as liability is known as partnership business.
2) Partnership is an important component of private sector organisations. Addition or admission of new individual into existing business gives birth to partnership firm.
3) Partnership form of organisation evolved because of limitations on capital raising capacity and managerial inability of proprietary concerns.
4) The partnership firm is jointly owned by the partners. The partners have to use the partnership property only for personal use.
Therefore, all partners are joint owners of partnership firm.
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