Explain the basic characteristics of a partnership.

Expert Solution

There must be at least two or more persons to form Partnership.

There must be agreement between partners and such agreement can be Oral or Written. The agreement forms the basis of Mutual rights and duties of Partners.

Partnership can be formed for the purpose of carrying on some business with the intension of earning some profit.

The Agreement must include how the profit or loss to be shared. If the persons joins firm for some Charity then it will not be called partnership and if the persons is deprived of his right to share the profit then he/she will not be called partner. And it is not necessary that all partner share loss also, it may be agreed between partners that some oo one of the partners will not be liable for losses.

All the persons have Unlimited liability i.e. if the assets of the company is not sufficient to pay the liabilities then the Creditors can come after the personal property of the Partners.

In the eyes of Law, A partner and Partnership firm are same, i.e. Partnership firm doesn’t have its own Legal identity.

The business must be Legal.

ekkarill92 answered 2 years ago

explain the basic characteristics of universal life policies?

Summarize the general characteristics of a general partnership Summarize the general characteristics of a limited partnership...

Summarize the general characteristics of a general partnership Summarize the general characteristics of a limited partnership Bowen and Campbell are partners in operating a store. Without consulting Bowen, Campbell enters into a contract for the purchase of merchandise for the store. Bowen contends that he did not authorize the order and refuses to take delivery. The vendor sues the partners for the contract price of the merchandise. Will the partnership have to pay? Why? Does your answer differ if Bowen...

Explain Basic Characteristics of Object Oriented System Analysis & Design.

Explain the basic operation of an operation amplifier. What are the most significant characteristics of such...

Explain the basic operation of an operation amplifier. What are the most significant characteristics of such a device and in designing a circuit what parameters of the device must be considered?

Explain “STANDARDS” and “CODES” by writing their basic characteristics (or essentials) and giving their similarities and...

Explain “STANDARDS” and “CODES” by writing their basic characteristics (or essentials) and giving their similarities and differences (if any).

the characteristics of basic reserch and applied research

Briefly explain the basic characteristics of long-term care insurance. 4. Explain the various definitions of disability...

Briefly explain the basic characteristics of long-term care insurance. 4. Explain the various definitions of disability that are found in disability-income insurance. 5. Explain the renewal provisions that may appear in individual health insurance policies.

Explain the basic characteristics of Roman Economic Thought and its congruence with Roman social structure.

Please explain the basic characteristics of preferred stock, warrants, and convertible debt, how these can be...

Please explain the basic characteristics of preferred stock, warrants, and convertible debt, how these can be viewed as providing both a comparable basic investment and an option, and how these additions or benefits impact the cost of capital for the issuing company.

1. Explain on the basic operation of the n-channel JFET. Draw the drain characteristics or output...

1. Explain on the basic operation of the n-channel JFET. Draw the drain characteristics or output characteristics of the mentioned JFET type and denote the important parameters on the graph 2. Explain why the JFET is called a unipolar device. Your explanation must be based on the n-channel or p-channel device which is biased to operate as an amplifier 3. A JFET amplifier has a load resistance, RL= 500 kΩ. Find the ac drain resistance, rd if the amplification factor,...

Question