Question

Write short answers for the following:
What are the features of partnership firm?

Answer 1

The following are the features of partnership firm :

1. Agreement : Agreement between two or more people.
2. Profit sharing : Profit sharing is according to terms laid in the agreement .
3. Lawful: The business carried out must be lawful in nature.
4. Membership : Minimum no of members in partnership are 2 and maximum in case of banking is 10 members and 20 in non banking sector.