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 )
- 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 .
- Unlimited Liability ( Unlimited Liability )
- Mutual Agency ( Agency or Joint Representative )
- Right to Income
- 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 )
- Guild Firm trade and non – trade
- Guild General and Limited
- Joint -stock company