Partnership is an association of two or more persons to carry on a business in the capacity of co-owners/partners.
Profits and losses are shared in proportion of Partners’ ownership, or as agreed between them.
Partnership firm is formed with the Partnership Deed is ready and signed by all partners. Thus they are simple and economical to form and operate.
Due to the more number of members the partnership firm has larger resources for the business operations as compared to sole proprietorship.
There is flexibility in the operations of business as the partners can amend any objectives or change any operations any time by mutual consent.
In partnership every partner owns and manages activities of the firm. Ownership creates a higher sense of accountability, which paves the way for a diligent workforce.
Partnering with someone can give you access to a wider range of expertise for different parts of your business. A good partner may also bring knowledge and experience you may be lacking, or complementary skills to help you grow the business.
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