--%>
Assignment Help - homework help

Features of partnership

Write some main features of partnership?

Answer: Essential elements or major features of Partnership are as follows:

A) Two or more persons: Partnership is a relationship of two or more persons.
B) Agreement: Partnership is established by an agreement either orally or in writing.
C) Lawful Business: The Partnership made for the reason of carrying a business; it should be a legal business.

   Related Questions in Managerial Accounting

  • Q : Major tasks of board that runs the

    Write down a short note on the major tasks of board that runs the organization?

    		•
  • Q : Influence of managers

    Write down a short note on the influence of manager’s behavior in management accounting information?

    		•
  • Q : Rights of each partner The rights of

    The rights of each partner: Under the Partnership Act, partners have the right to: Share equally in profits and losses; Indemnity; Interest on advances; Interest on capital; Share in management of

    		•
  • Q : Explain Cost or Benefit Analysis Cost

    Cost or Benefit Analysis: The Cost-benefit analysis (abbreviated as CBA) is an analytical device for assessing and pros and cons of moving forward with the business proposal. It is a process by which business decis

    		•
  • Q : Illustrate the general role of

    Briefly illustrate the general role of accounting?

    		•
  • Q : When does a partnership exist A) A

    A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a

    		•
  • Q : Key performance indicators or KPI What

    What do you mean by the term key performance indicators or KPI? Explain in brief?

    		•
  • Q : Annual report A company's annual report

      A company's annual report is the single most important way for it to convey itself to potential investors. As such, it should be no surprise tha

    		•
  • Q : Classification of costs with examples

    describe how costs can be classified giving examples in each classification. explain how the different cost classifications can assist management in decision making

    		•
  • Q : What is Corporate Tax Corporate Tax :

    Corporate Tax: It is a levy placed on the gain of a firm, with different rates employed for various levels of gains. Corporate taxes are the taxes against profits earned by businesses throughout a given taxable period; they are usually applied to comp

    		•