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Question
State the features of partnership.
Answer in Brief
Solution
Following are the essential features of a partnership.
- A partnership is an association of two or more persons. The maximum number of partners is limited to 50.
- There should be an agreement among the persons to share the profit or loss of the business. The agreement may be oral or written or implied.
- The agreement must be to carry on a business and to share the profits of the business.
- The business may be carried on by all the partners or any of them acting for all.
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Meaning, Definition and Features of Partnership
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