Partnership

Partnership is a formal relation between two or more persons or entities to manage and operate businesses who have agreed to share its business profit which is carried on by all partners or any one partner of them acting for all.

Partnership should be formed for any lawful business or trade.

Entities or partnership entered into partnership with one another are known as partners and collectively known as “a firm” and the name under partnership create is known as partnership firm name.

Advantage of partnership:-

• Responsibilities divided.
• Every partner is expertise in a special area.
• Capital contribution divided.
• Mutual agency
• Sharing of profit and loss.