Question

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Answer 1

Answer:

PARTNERSHIP is a legal form of business operation between two or more individuals who share management and profit.The federal government recognise several type of partnership.

1. Basic requirements to constitute a partnership are:-

• There must be contract between two or more person.
• There should be feeling of caring and responsibilities among each other.
• A real feeling of love and togetherness

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Answer 2

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PARTNERSHIP

partnership is the relation between persons who have agree to share the profits of the business carried on by all or any of them acting for all.

REQUIREMENTS:-

1. there must be at least two persons to form a partnership according to section 464 of Indian companies act ,2013 , restricts the numbers of partners to 50.

2 . partnership is the result of an agreement. it must come into existence by an agreement and not by the operation of law. such agreement may be either oral or in writing.

3. Each partner is an agent as well as a principal of the firm.

4. the agreement between the partners must be aimed at sharing the profit of the business . if some persons join hands to run some charitable activity, it will not be called partnership.

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