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.