Business Environment Meaning of Partnership & its Characteristics

Business Environment – Meaning of Partnership & its Characteristics

Meaning of Partnership

As per the Partnership Act 1932,

“Partnership is the relation between persons who have agreed to share profit of a business carried on by all or any of them acting for all.”

In general words, Partnership is an association of two or more individuals (but not more than 20) who agree to share the profits of a lawful business which is managed and carried on either by all or by any, or some of them acting for all or an association of persons wherein the persons establish a relationship by agreeing to carry on operations either all of them or any one of them acting for all and agreeing to share profits arising of the same.

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