What is partnership

Explanation

Partnership

Here, students will be able to get information on what is a partnership as well as its types. When an agreement is made between two or more individuals by signing a contract with the aim to start a profitable business, then this is known as a partnership agreement.

In a partnership agreement, it is the responsibility of both the partners for the debt on an organization. There are times when one partner is found to be withdrawing his or her partnership.  In this case, it is important to note that he or she is equally liable for an already existing debt.  He or she is also equally holding future liability in case proper notice of retirement is not provided. There are also times when there is an existence of partners without any signing of a scripted agreement. So, this type of partnership is regulated by the law.

Highlights on the Partnership Agreement

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