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

Explanation

According to the Section four of the Partnership Act, 1932 Partnership is associate degree agreement between two or more persons United Nations agency have united to share profits or losses of a business that may be carried by all or anybody of them acting for all.


The one who joined their hands to line up the business square measure known as 'partners' on an individual basis and 'firm' jointly and also the name underneath that they do their business is termed as 'firm name'.


Characteristics of Partnership:


The following square measure the necessary characteristics of partnership:


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