(a)Define partnership (b)State characteristics of partnership

      

a)Define partnership

b)State characteristics of partnership

  

Answers


Moraa
a) This is a relationship between persons who engage in a business with an aim of making profits/ an association of two or more persons who run a business as co-owners. The owners are called Partners.
It is owned by a minimum of 2 and a maximum of 20 except for partnership who provide professional services e.g medicine and law which have a maximum of 50 persons.

b) Characteristics of partnership
1.Capital is contributed by the partners themselves.
2.Partnership has limited life that is it may end anytime because of the death, bankruptcy or withdrawal of partners.
3.Each partner acts as an agent of the firm with authority to enter into contracts.
PaThis is a relationship between persons who engage in a business with an aim of making profits/ an association of two or more persons who run a business as co-owners. The owners are called Partners.
It is owned by a minimum of 2 and a maximum of 20 except for partnership who provide professional services e.g medicine and law which have a maximum of 50 persons.

Characteristics of partnership
Capital is contributed by the partners themselves.
Partnership has limited life that is it may end anytime because of the death, bankruptcy or withdrawal of partners.
Each partner acts as an agent of the firm with authority to enter into contracts.
Partners are co owners of a business, having an interest or claim in the business.
Responsibility, profit and losses are shared on an agreed basis.
All partners have equal right to participate in the management of the business. This right arises from the interest or claim of the partner as a co owner of the business.
4.Partners are co owners of a business, having an interest or claim in the business.
5.Responsibility, profit and losses are shared on an agreed basis.
6.All partners have equal right to participate in the management of the business. This right arises from the interest or claim of the partner as a co owner of the business.
Moraa orina answered the question on April 29, 2018 at 07:35


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