"Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all."
Who is Partner?
Persons who have entered into partnership with one another are individually called 'partners'. A partner has the legal status of a person.
What is Firm?
Persons who have entered into partnership with one another are collectively called 'firm'. As far as the legal status of a firm is concerned, it is neither a person nor a legal entity. It has no existence apart from its members. A firm carries a business under some name, it is called 'firm name'.
- Essentials of Partnership
- Types of Partnership
- Duties of the Partners
- Rights of Partners
- Checks as to Profits earned by Partners
- Rights and duties of partners after a change in the firm
- Minor on attaining the age of majority
- Dissolution of Firm