Question

What is the characteristics of partnership ? ​

Answer 1

Answer:

The essential characteristics of partnership are:

Contractual Relationship: ...

Two or More Persons: ...

Existence of Business: ...

Earning and Sharing of Profit: ...

Extent of Liability: ...

Mutual Agency: ...

Implied Authority: ...

Restriction on the Transfer of Share:

Explanation:

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Answer 2

Answer:

Characteristics of Partnership

Membership: At least two persons are required to begin a partnership while the maximum number of members is limited to 100. Further, all the individuals entering into partnership must be legally competent to do so, as they have to enter into a contract to become partners.

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