A partnership is a legal arrangement where two or more individuals agree to combine their financial resources and managerial expertise to run a business and share profits in an agreed ratio.
As per section 4 of the Partnership Act, 1932 “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. Persons who have entered into a partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.
Types of Partnership :
Tags : Partnership Firm Registration
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