Question

What is the relation between the partners? (Answer in one sentence)

Answer 1

Relationship of Partners to Third Persons. A partner is an agent of the partnership. When a partner has the apparent or actual authority and acts on behalf of the business, the partnerbinds the partnership and each of the partners for the resulting obligations.

Answer 2

The partnership is a relationship to share the profits that are obtained during the business.

Explanation:

• The partner is an embodiment of an agent and a principal. In the scenarios where a particular partner is acting by his self-interests then the partner is acting as a principal.
• In the cases where they works for the betterment of his other partners then he plays the role of an agent.
• A partner is usually legally allowed to conduct the selling of the particular company property, purchase goods for other partners, borrow amounts of money or pay debts of the business and produce papers in the perspective of the business and partnership.

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