INTRODUCTION:-
An agreement between two or more persons is known as Partnership . Partnership firms formed with the contribution of capital , skill and administrative ability . There is an agreement and the partners to share profits and losses of the business.
DEFINITION Sec . 4 of Partnership Act , 1932 defined Partnership as ' The relation between persons , whose agreed to share the profits of the business carried on by all or anyone of them acting for all " . The members in a firm are individually called as partners and collectively known as firm .
An agreement between two or more persons is known as Partnership . Partnership firms formed with the contribution of capital , skill and administrative ability . There is an agreement and the partners to share profits and losses of the business.
DEFINITION Sec . 4 of Partnership Act , 1932 defined Partnership as ' The relation between persons , whose agreed to share the profits of the business carried on by all or anyone of them acting for all " . The members in a firm are individually called as partners and collectively known as firm .
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