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Madilynn Elliott
18 October, 11:24
Two doctors who join forces in business for a
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Alvaro Spears
18 October, 13:22
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partnership
Explanation:
It is a term used in business to describe a relation between two or more individuals that have agreed to share profits, as well as losses, undertaking a lawful business.
The persons in the agreement are called "partners", together they form a "firm".
The partnership has the following characteristics:
1) Membership
2) Unlimited liability
3) Sharing of profit and loss
4) Mutual agency
5) Voluntary registration
6) Continuity
7) Contractual relationship
8) Transfer of interest
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