Partnership business- Advantages, disadvantages and statutory formalities to start a partnership business Indian Partnership Act, 1932 defines partnership as the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. When two or more persons jointly decides to form and run a business with joint ownership working together with a profit motive, and share profits or losses arising out of the business, such business is called a partnership business. Partners contribute towards money, property, labour and skill in the agreed proportions. The partnership business is collectively called a firm. A minimum of two persons and a maximum of fifty persons can form a partnership business. Partners must have attained 18 years age and should not be a lunatic or insolvent. Business conducted by a firm can be any trade, occupation or profession. Charitable wo...
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