1.

Write some features of Partnership.

Answer»

Following are the features of Partnership: 

(i) Association: It is an association of two or more persons. 

(ii) Co-owners: Members are co-owners. 

(iii) Sharing: Partners share profits and losses related to business. 

(iv) Agreement: A written or oral agreement is made by the owners. 

(a) Members: The minimum number remains at 2 members, the maximum number of members is restricted to 10 in case of banking and 20 in case of other business.


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