Question

State features of partnership firm.

Answer 1

Existence of an agreement: Partnership is the outcome of an agreement between two or more persons to carry on business. ...
Existence of business: ...
Sharing of profits: ...
Agency relationship: ...
Membership: ...
Nature of liability: ...
Fusion of ownership and control: ...
Non-transferability

Answer 2

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As against proprietorship, there should be at least two persons subject to a maximum of ten persons for banking business and twenty for non-banking business to form a partnership firm