--%>
Assignment Help - homework help

Features of partnership

Write some main features of partnership?

Answer: Essential elements or major features of Partnership are as follows:

A) Two or more persons: Partnership is a relationship of two or more persons.
B) Agreement: Partnership is established by an agreement either orally or in writing.
C) Lawful Business: The Partnership made for the reason of carrying a business; it should be a legal business.

   Related Questions in Managerial Accounting

  • Q : Management accounting and financial

    What does the difference between management accounting and financial accounting suggest?

    		•
  • Q : Define Partnership deed Partnership

    Partnership deed: Partnership deed is a written agreement including the terms and conditions agreed by all the Partners.

    		•
  • Q : Management accounting-scope Write down

    Write down the scope of Management accounting?

    		•
  • Q : Budgetary accounts Accounts used in

    Accounts used in governmental accounting to record the budget amounts but not the actual amount. For example, at the beginning of the accounting period, the planned amount of tax revenue, revenue from license, and inflows from fines would be recorded as one amount in

    		•
  • Q : Management accounting According to

    According to Martin and Steele (2010, p.13), “The two principal professional associations in Australia – CPA Australia (the CPA) and the Institute of Chartered Accountants in Australia (the Institute) have indicated their awareness of the significance of issues of sustainability reporting and develo

    		•
  • Q : Describe Trust Accounting Trust

    Trust Accounting: It is the "accounting of each and every item of income and expenditures which are employed to find out the amount that certain beneficiaries will obtain from the trust each year." Actually, it is equivalent to all the revenues receiv

    		•
  • Q : What is Partnership Partnership :

    Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the

    		•
  • Q : What is Job Order Costing Job Order

    Job Order Costing: A technique of cost accounting which accrued costs for individual jobs or lots. A job might be a service or manufactured item, like the repair of tools or the treatment of a patient in the hospital.

    		•
  • Q : What is Corporate Tax Corporate Tax :

    Corporate Tax: It is a levy placed on the gain of a firm, with different rates employed for various levels of gains. Corporate taxes are the taxes against profits earned by businesses throughout a given taxable period; they are usually applied to comp

    		•
  • Q : Accrued liability Normal 0 false false

    Normal 0