What are partnership firms?
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A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
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Now, we can define partnership as an association of two or more persons who have agreed to share the profits of a business which they run together. ... The persons who own the partnership business are individually called 'partners' and collectively they are called as 'firm' or 'partnership firm'.
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