Question

What are the functions of partnership?

Answer 1

The various functions of partnership in an organization are given below:

To notice great confidence.

To Indemnify for Loss.

To Attend to his Duties Diligently.

Not to Claim Remuneration.

To Indemnify for Willful Neglect.

To Share Losses.

To Account for Private Profits.

Also check:

• Nature of Partnership
• What Is Partnership?
• Difference Between LLP and Partnership
• Difference Between Sole Proprietorship and Partnership