What Is The Characteristic Of Partnership?

A partnership is an organization which is an unincorporated association. It is owned by two or more individuals who equally share the profits or losses of the business. There are various small businesses which can be considered as example of partnership like retail, service, and professional practitioners. A partnership have limited number of years depending upon the agreement. Secondly, it is a mutual agency and the partners act as the agents of partnership and they are also responsible for running the operations of the business. In addition, partnerships can be easily formed and dissolved and there are no legal issues involved.

Any form of business that has more than one person and is not organized as a corporation or LLC. There is unlimited liability for partners acts, are engaged in the same enterprise for profit.