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Accounts of Partnership Firms-Fundamentals — Accountancy STD 12 — Question

Tamilnadu BoardEnglish MediumSTD 12AccountancyAccounts of Partnership Firms-Fundamentals2 Marks
Question
State the features of partnership.
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Answer

Following are the essential features of a partnership.
  1. A partnership is an association of two or more persons. The maximum number of partners is limited to 50.
  2. 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.
  3. The agreement must be to carry on a business and to share the profits of the business.
  4. The business may be carried on by all the partners or any of them acting for all.

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