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Need to Know about Partnership

A partnership firm is a business firm that is managed and operated by two or more individuals following the rules in the partnership deed. Essential elements to be considered in the firm's Partnership Act.<br>

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Need to Know about Partnership

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  1.   Need To Know about Partnership Firm      A partnership firm is a business set up in which two or more Individuals manage,  control, and operate a business following the guidelines in the partnership deed. It is  owned and governed by a group of people for profit. They are easy to start and usual  among small and medium size companies.      

  2.        Contents of Partnership Act:        Name of the Firm  Name and Details of Every Partner  Date of Business Launch  Duration of Firm Existence  Investment of Each Partner  The ratio of sharing profit/loss  Interest payable to Partners on capital.  The extent of borrowing each partner can draw.  Salary payable to partner in case of retirement or new admission. ● ● ● ● ● ● ● ● ●    

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