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PARTNERSHIP
CONTENT- Meaning of Partnership
- Types of Partnership
- Advantages and Disadvantages of Partnership
Meaning of Partnership
A partnership is a business owned and managed by two or more persons who become partners by written agreement. The Partnership Act of 1890 and the companies Act of 1958 state that the maximum number of people who can form a Partnership is restricted to 20 persons while the minimum should be 2 persons. These partners share the profit or losses and the responsibilities of their business. Those in law and accounting professions are prohibited under the Companies Act of 1968 from forming partnerships. A document containing the written agreement, rights and obligations of the partners is called the deed of partnership.Types of Partnership
There are various types of partnerships as stated below:You are viewing an excerpt of this lesson. Subscribing to the subject will give you access to the following:
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ClassHall Instructor
Halima Ahmadu
Maryam
Abdul tawwab
Honour Daniel
Wilfred Bassey