State any two essential features or characteristics of the Partnership other than a minimum number of partners and profit sharing.
State any two essential features or characteristics of the Partnership other than a minimum number of partners and profit sharing.
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The following are the two characteristics.
Agreement:-
The partnership comes into existence through an agreement, either written or oral. It is the basis of a relationship among partners, which may be for a particular venture, for a period, or at will. The written agreement among the partners is known as Partnership Deed.
Business:-
A partnership is established for a business. It can not be formed for any charitable purpose.
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