The relation of partner with the firm is that of
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➹Relationship between partners who agree to share the profits of the business. ... On the other hand, if he acts for and in the interest of his partners, then he is acting as an agent. It is important to note that a partner is an agent only or the purpose of business of the firm.
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The relationship of partnership with the firm is that of principal and agent.
- Partnership is the form of business in which two or more partners come and form a relationship and agree to share profit and losses.
- Partners act as a principal and agent.
- Partners perform functions of the firm like its owner
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