Write any four main features of partnership.

               Essential elements or main features of Partnership:
               i)    Two or more persons: Partnership is an association of two or more persons.
               ii)   Agreement: The Partnership is established by an agreement either oral or in        writing.
               iii)  Lawful Business: A Partnership formed for the purpose of carrying a business, it must be a legal business.

               iv)   Profit sharing: Profit of the firm is share by the partners in an agreed ration, if the ratio is not agreed then equally. Profit also includes loss.

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