Features of Partnership Firms

Sunday, January 15, 2017

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner together to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract.

Partnership Firms
1.     It has 02-20 partners
2.     Profits shared
3.     Losses shared
4.     Can apply division of labour
5.     Relatively more capital
6.     Decisions are timely but good
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