In below, some of the important points for execution of partnership.
1. It is executed by a agreement between the partners
2. It has no separate entity apart from its members. It is simply a collection of members
3. Maximum number of person allowed 10 in banking firm and 20 in non banking firm
4. Carrying on business is necessary for existence of partnership
5. The liability of partnership is unlimited and the partners are jointly/personally liable.
6. Every partner is agent of the other partner as well as the firm
7. Every partner has a right to take part in the management of the affairs of the firm
1. It is executed by a agreement between the partners
2. It has no separate entity apart from its members. It is simply a collection of members
3. Maximum number of person allowed 10 in banking firm and 20 in non banking firm
4. Carrying on business is necessary for existence of partnership
5. The liability of partnership is unlimited and the partners are jointly/personally liable.
6. Every partner is agent of the other partner as well as the firm
7. Every partner has a right to take part in the management of the affairs of the firm
Some basic points about partnership
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