PARTNERSHIP
CONTENT
- Meaning of Partnership
- Features or Characteristics of Partnership
- Types of Partnership
- Types of Partners
- Formation and Agreement of Partnership Business
- Rights of Partners
- Sources of Capital for a Partnership
- Advantages and Disadvantages of Partnership
- Dissolution of Partnership
Meaning of Partnership
Partnership is an association between a minimum of two and maximum of twenty members coming together to undertake a/some business(es)) in order to make profit. The partnership Act 1890 defined partnership as the relationship which subsists between persons carrying on a business in common with a view of profit. Partnerships are also known as firms. The law allows this type of business to have between two and 20 persons as members although there are exceptions. A bank is not allowed to have more than ten partners and certain professional firms such as accountants, solicitors and stockbrokers are allowed to have more than 20 partners. Examples are Femi and Shade Enterprises, Diya Fatimilehin and Co; (estate firm).
Features or Characteristics of Partnership
(i) Ownership: Membership is limited and is from two to twenty.
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Halima Ahmadu