Question

state the important Features of partnership ​

Answer 1

Definition of Partnership

The Indian Partnership Act, 1932 governs partnership forms of business in India. Section 4 of this Act defines a partnership as the relationship between partners who have agreed to share the firm’s profits carried on by all or any one of them acting for all.

Agreement

The definition of the partnership itself makes it clear that there must exist an agreement between partners to work together and share profits amongst them. Partners may make such an agreement either orally or in writing. If it exists in written form, we refer to such an agreement as a partnership deed.

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Answer 2

importance of partnership:

1. it saves time.
2. it saves energy.
3. it makes the work easier.
4. it makes us more hardworking.
5. partnership can lead to opening of big/small businesses , etc.