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Posts Tagged ‘Partnerships’

A Partnership is a state in which two or more individuals or companies enter into a contract in order to carry on a business and equally share the profits and losses that occur during the business. Each partner is equally liable for the debts from the business. Partners are the owners of the organization and they do not pay themselves in terms of salary but share the profits. Many individuals or companies go for partnership by will, that is there is no termination contract. In this case partners can terminate business whenever they want. It depends totally on the partners will for how much time period they want to carry on the partnership business.
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