Definition of Partnership Business.
``Partnerships contract of two or more competent person to place their money ,effort ,labor and skill or some or all of them in lawful commerce or business and to divide the profit and bear the loss in certain proportion.’’
`Partnership is an association of two or more person to carry on as co-owners of a business for profit.’’
Elements of Partnership Business:
Lawful business
Name of the business
Association of person.
Contractual relationship.
Mutual trust and confidence.
Unlimited liability.
Types of partnership business:
1.General partnership.(a )Partnership-at –will ,and b)Specific partnership .
2.Limited partnership.
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