Concept of Partnership Firm and Partners |
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| Ans : A partnership firm is a business unit established by two or more person’s through joint investment of capital for mutual benefits. The individual involves in partnership business are known as partners. On the basis of agreement, one or all partners can involve in management of the firm & they share profit, bear losses and pay liabilities.
According to Lewis H. Haney, “Partnership is the relation between person’s competent to make contract who agreed to carry on a lawful business in common with a view of private gain.”
In conclusion, partnership firm is a business unit established by two or more partners on the basis of mutual agreement, joint investment of capital, organization and management for mutual benefit. In partnership firm, all the partners have equal right and responsibility.
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