A partnership is defined in the Partnership Ordinance as follows.<\/p>\n
An association of two or more individuals who agree to operate a business together<\/strong> <\/p>\n A written document in which the conditions of the partnership are included is the \u201cDeed<\/em> Section 24 of the Partnership Ordinance of 1890 is applicable when there is no written<\/em><\/strong> A partnership is defined in the Partnership Ordinance as follows. An association of two or more individuals who agree to operate a business together with a profit motive. Several specific features of partnerships are given below. \u2022 The minimum number of partners is two and the maximum is twenty. \u2022 There should be an agreement […]<\/p>\n","protected":false},"author":842,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[10,86],"tags":[],"class_list":["post-4413","post","type-post","status-publish","format-standard","hentry","category-business-studies","category-unit-5"],"acf":[],"yoast_head":"\n
\nwith a profit motive.<\/strong>
\nSeveral specific features of partnerships are given below.<\/em>
\n\u2022 The minimum number of partners is two and the maximum is twenty.
\n\u2022 There should be an agreement between partners.
\n\u2022 Having a business.
\n\u2022 There should be an agreement between partners on sharing of profits.
\n\u2022 Every partner is treated as an agent and a principal of himself and other parties.
\n\u2022 Several advantages of partnerships are given below
\n\u2022 Easy to start
\n\u2022 Much capital can be collected
\n\u2022 Skills and talents of several partners can be used.
\n\u2022 Liability is borne by many people
\nSeveral disadvantages of partisanships are given below<\/em>
\n\u2022 Unlimited liability
\n\u2022 Conflicts between partners
\n\u2022 No guarantee of continuous existence of concern
\nIf the partnership is conducted with a name other than the owners name, It has to be<\/strong>
\nregistered under the Business Names Ordinance No. 06 of 1918<\/strong>
\n\u00a0The procedure of registering a partnership is similar to the registering of a sole<\/strong>
\nproprietorship<\/strong><\/p>\n
\nof partnership.\u201d<\/em><\/p>\n
\nagreement.<\/em><\/strong>
\n\u2022 Profits and losses should be shared equally and partners have the right to share the
\ncapital equally when winding up a partnership
\n\u2022 The expenses incurred by the partners on behalf of the business should be paid to them
\nby the business.
\n\u2022 Interest of 5% should be paid to partners for the extra funds provided by them
\nto the business in addition to their capital.
\n\u2022 No interest on capital will be allowed
\n\u2022 All partner can participate in the management of the business.
\n\u2022 No partner can claim a salary for the service provided to the business.
\n\u2022 Admission of a new partner cannot be implemented without the consent of all the partners
\n\u2022 Decisions relevant to general business problems can be taken with the consent of
\nthe majority of the partners but decisions with regard to changing of the nature of the
\nbusiness activities should be taken with the consent of all the partners.
\n\u2022 Account Books of the business should be kept in the main office of the partnership
\nand they can be inspected and copied by all the partners at any time.
\nSeveral rights of partners are given below<\/strong>
\n\u2022 Right to participate in business activities
\n\u2022 Right to enjoy profit
\n\u2022 Right to receive interest for the capital
\n\u2022 Right to receive .interest on loans
\n\u2022 Right to inspect the Accounts books
\n\u2022 Duties of the partners are given bellow
\n\u2022 Participate in the business enthusiastically
\n\u2022 Do not to receive profits personally
\n\u2022 Bare the losses
\n\u2022 Do not engage in competitive businesses<\/p>\n","protected":false},"excerpt":{"rendered":"