Pakistan study notes for Matric, Intermediate, B.A, B.COM BSC, M.A, BCS. Free Pakistani Urdu educational school, colleges and University notes.

NATURE OF PARTNERSHIP

NATURE OF PARTNERSHIP

a. Section 4 defines partnership as:

“Partnership is the relation between persons who have agreed to share the profit of a business carried on by all or any of them acting for all.”

b. Pollock defines partnership in these words:

“The relation which subsists between persons who have agreed to share the profits of a business carried on by all or any of them, on behalf of all of them.”

c. William R. Spriegel: Partnership has two or more members each of whom is responsible for obligation of the partnership, each partner may bind other partners and the assets of partners may be taken for the payment of debts of partnership.

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