Question

Write the characteristics of partnership​

Answer 1

Existence of an agreement: Partnership is the outcome of an agreement between two or more persons to carry on business.

Existence of business:

Sharing of profits.

Agency relationship.

Membership

Nature of liability

Fusion of ownership and control

Non-transferability of interest

Answer 2

Answer:

Existence of an agreement:

Existence of business:

Sharing of profits:

Agency relationship:

Membership:

Nature of liability:

Fusion of ownership and control:

Non-transferability of interest:

Explanation:

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