Question

What Are the Main Features of Partnership?

Answer 1

The following are the features of partnership:

1. Profit-sharing
2. Association of two or more individuals.
3. Contractual relationship
4. Unlimited liability
5. Mutual agency
6. Restriction on transfer of share

Also read:

• Dissolution of Partnership Firm
• Reconstitution of a Partnership Firm Retirement Death of a Partner
• MCQs on Partnership
• Partnership Deed
• Modes of Reconstitution of a Partnership Firm

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