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Partnership: Partnership is a type of business where 2 or more
people agree to own, run and trade. Ex:- Restaurant, Medicine shop,
Characteristics/Features of Partnership:-
§ Minimum
2 number of partners and maximum 20 partners
§ The
relation between the partners is created by “Partnership Deed”
§ The
firm means partners, the partners mean the firm
§ The
profit is divided in any as ratio as agreed
§ No
partner can sell/transfer his interest in the firm to anyone without the
consent of other partners
Pros & Cons of Partnership:-
§ SP
included + the followings
§ Larger
Resources
§ Sharing
Of Risk
§ Better
Management and Flexibility of Operation
§
Chances of Dispute
