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state two essential features of characteristics of partnership other than minimum number of partners

Posted by Sree Vaasan 4 years ago

CBSE > Class 12 > Accountancy

1 answers

Meghna Thapar 4 years ago

Partnership is an association of two or more persons who have mutually decided to carry out business activities jointly and share its profits as well as losses. The partnership agreement may be written or oral.

Some of the features of partnership are:-

1. Two or More Persons 2. Agreement 3. Lawful Business 4. Registration 5. Profit Sharing 6. Agency Relationship 7. Unlimited Liability 8. Not a Separate Legal Entity 9. Transfer of Interest

10. Mutual Trust and Confidence 11. Number of Partners 12. Profit Sharing 13. Principal-Agent Relationship 14. Joint Ownership 15. Ownership and Control 16. Registration 17. Duration 18. Capital and a Few Others.

ANSWER

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