- A partnership is an association of two or more persons to carry on a business for profit.
- Each partner is viewed as the other’s agent.
- Every partner may take part in the management of the partnership business.
- Family partnership is one in which the partners are members of a family.
- No partner shall be entitled to remuneration for acting in the partnership business.
- Partners are taxed as individuals and are personally liable for torts and contractual obligations.
- Unless it is a limited partnership, it need not be established in writing.
- The other partners shall, under the same condition, enjoy priority in obtaining the assignment.
- The partnership books are to be kept at the place of business of the partnership or the principal place.
- Traditionally, a firm is referred to a partnership, as opposed to company.