Partnerships - Types of Business Organisations
Defination
"The relationship, that exists with persons carrying on a business in common by a view of profit."
Formation of a partnership
- In writing Agreement.
- Actions of the person related to
- Orally
- Via a deed that is an agreement under seal.
Note
In case the partners want to run their business under a name that does not disclose true surname of all partners, which a firm must be registered within the registration of Business Names Act.