A partnership is considered to be a formal relationship between a minimum of two and a maximum of twenty members based on an agreement intended to share profits through various business ventures, where each member contributes something (either money or skills) to the business.
● A partnership firm has no separate persona from the partners.
● Nonetheless, it is treated as a separate entity for transaction and registrations.
● An agreement bound by the partnership can be concluded by any of the partners.
● The partnership will not be binding if a partner concludes a contract outside the scope of the partnership.