Partnership is defined as a relation between two or more persons who have agreed to share the profits of a business carried on by all of them or any of them acting for all. The owners of a partnership business are individually known as the “partners” and collectively as a “firm”. Liability of the partners is unlimited. Legally, the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.
| Advantages | Dis Advantages |
|---|---|
| 1. Ease of formation | 1. Absence of ultimate authority |
| 2. Greater capital and credit resources | 2. Liability for the actions of other partners |
| 3. Better judgement & more managerial abilities | 3. Limited life |
| 4. Unlimited liability |
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