Question

What is partnership? What are its chief characteristics? Explain.

Answer 1

A document containing an agreement that details the rights and obligations of each partner participating in a venture. For example, a deed ofpartnership could specify how proceeds from the partnership'sbusiness are to be divided among the partners.

MAIN FEATURES OF PARTNERSHIPAGREEMENT (DEED) What isPartnership Deed? According to thePartnership Act, the Partnership Deedis necessary for the formation of thepartnership. This partnership deedmay be written, oral or implied, but a written agreement is better than oral or implied agreement