After reading this article you will learn about:- 1. Meaning and Definition of Partnership 2. Need of Partnership 3. Characteristics or Features or Elements. Meaning and Definition of Partnership: Partnership is an association of two or more persons who agree to carry on a lawful business in common with the object of sharing in partnership. The partners provide the capital [...]
The essential requisites of an ideal partnership are as follows: 1. A Written Agreement 2. Common Purpose 3. Long Duration 4. Good Faith 5. Sufficient Capital 6. Registration. Requisite # 1. A Written Agreement: In order to avoid any complications, disputes, misunderstanding, it is always desirable that there should be a written agreement among the partners. Agreement should contain full [...]
After reading this article you will learn about:- 1. Meaning of Partnership Deed 2. Contents of a Partnership Deed 3. Rules to be Followed in the Absence of a Partnership Deed. Meaning of Partnership Deed: The partnership comes in existence by an agreement. The agreement may be written or oral. But it is advisable that a Partnership Agreement or Partnership [...]