Accounting

Discuss on Characteristics of Partnership

Discuss on Characteristics of Partnership

General purpose of this article is to Discuss on Characteristics of Partnership. Here analysis Characteristics of Partnership in accounting terms. A partnership is usually an unincorporated association of two or more individuals to carry with a business for profit. Many small business owners, including retail, service and professional practitioners, are arranged as partnerships. A partnership agreement can be oral or written. Even so, to avoid misunderstandings, the partnership agreement needs to be in writing.