business Partnership

business Partnership :-

A successful business can grow in size. The business owner can ask his friends and relatives to join in business as partners for doing the business. The partners bring capital from their personal sources. They can take part in management of business. The risk of loss can be shared by all the partners. The can take better decisions are there are many minds due to many partners. The partners can manage the business more property than single owner.

The registration of partnership is optional but it increases the goodwill of the firm. The chartered accountants,doctor and advocates usually work for the people by forming a partnership firm. The traders and businessmen can set up their business in partnership. The formation of partnership is easy therefore any two or more persons can start lawful business any where in the country. The partners must be over 18 years of age. The partners must have sound mind. A government employee cannot become partner. There is need of capital to run the partnership firm. There must be experience for success in business.