A partnership may be defined as a type of business organisation in which two to twenty persons agree legally to set up and manage a business outfit with the sole aim of making profit. Partnership is usually formed by an association of two to twenty persons, who by an agreement (usually legal) decide to pool their resources (capital) or skill or both together and establish a business enterprise. The people involved in partnership agreement are called partners and they share the profit, losses and risk of the business. When partners are involved in banking enterprise, the number required by law is between two and ten.   FEATURES OR CHARACTERISTICS OF…

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