partnership

Cards (3)

  • Meaning
    According to L.H. Haney,
    Partnership is the relation between persons competent to make contract, who agree to carry on a lawful business in common with a view to private gain.
  • Features
    • two or more persons
    • agreement
    • lawful business
    • sharing of profit
    • mutual agency
    • utmost good faith
    • unlimited liability
    • restriction on transfer of interest
  • Limited Liability Partnership
    • Allowed under the Limited Partnership Act, 2008
    • Must be registered under the act with a minimum of 2 persons
    • It is a body corporate having legal entity and perpetual succession.
    • It is a hybrid form of business organization, combing features of partnership and joint stock company.