Question

what is partnership firm?

Answer 1

A partnership is a business form created automatically when two or more persons engage in a business enterprise for profit. ... In limited partnerships and limited liability partnerships, a partnership can even offer a degree of liability protection. Partnerships can be formed with a handshake--and often they are.
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Answer 2

Explanation:

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Partnership is relation between persons who have agreed to run business jointly or on behalf of others and have agreed to share the profit of business.

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$\huge\mathbb\colorbox{teal}{\color{pink}{•●Characteristics●•}}$

1. Relation by agreement
2. Establishment is easy
3. Minimum 2 members and maximum 100 members
4. Sharing of liability

$\huge\mathbb\colorbox{teal}{\color{pink}{•●Advantages●•}}$

1. Efficient Management
2. Increase in Good will
3. Easy and Less Expensive Process of Establishment
4. More capital

$\huge\mathbb\colorbox{teal}{\color{pink}{•●Limitations●•}}$

1. Delay in Decision Making
2. Difficult in Share transfer
3. Chances of conflict
4. Difficult to Maintain Secrecy

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