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partnership
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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.