2. A partnership is a business
carried on by two or more
persons. They join hands on the
basis of agreement, pool their
resources and run a lawful
business. The main aim of such
a business is to earn profit to
share it among themselves.
3.
4. In India partnership businesses are
governed by the Indian Partnership
Act, 1932. Section 4 of the Act
defines a partnership as “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.”
5. 1. A minimum of two persons are
required to form a partnership.
2. A partnership is the result of an
agreement between two or more
persons.
3. The agreement should be for
carrying on some business. The
business must be profit-seeking
and also lawful.
