Partner is an arrangement in which two or more persons agree to share in the profits of the company. The business may be run by all of them or any one of them working on behalf of the all. Persons so involved under such an agreement are called individually partners and collectively the firm. A partnership is considered and treated as a separate legal entity from the partners. It means that it can enter into contract on its own name and can be sued as well. As it a contractual relationships among the persons, all the partners will be jointly and severally liable for the acts of the partnership.
In this section of partnership, we will discuss following topics: