Definition of Partnership ( Fellowship )

partnershipI. Definition of Partnership

Partnership is an agreement made by two or more individuals to have and hold a business together with the aim of gaining profits and split the profits together .
According to Allan R. Drebin definition Guild Firm ( Partnership ) is

Association between two or more individuals as owners to run the company with the purpose of getting profit .

It can be deduced that the partnership is a juridical relations arising from a voluntary agreement between the various parties concerned , either orally , or in writing or implied from personal actions ally concerned .

II . Nature of Partnership ( Firm )

  1. Limited Life ( She’s Limited ) Guild firms expressed in relation arising from the agreement between the parties concerned , so if any changed occurred in the relationship agreement will terminate and dissolve the partnership firm .
  2. Unlimited Liability ( Unlimited Liability )
  3. Mutual Agency ( Agency or Joint Representative )
  4. Right to Income
  5. Owner Interest in Firm

In firm agreement contains ( nature of Business ) :

  • The rights and obligations of each member
  • Additional settings capital and uptake
  • Distribution of income
  • Procedures for dissolution of partnership

III . Types of Partnership ( Firm )

  1. Guild Firm trade and non – trade
  2. Guild General and Limited
  3. Joint -stock company