Académique Documents
Professionnel Documents
Culture Documents
9. Management :All the partners can participate actively in the business management. Sometimes
only few persons are allowed to handle the business affairs.
10. Payment of Tax :Every partner pays the tax on his share of profit individually.
11. Co-Operation :For the successful partnership mutual co-operation and mutual confidence is an
important factor.
12. No Audit :In the partnership there is no restriction for the audit of accounts. So this type of
organization may operate freely.
13. Partners are Agent :Every partner stand as an agent and principal to one another. In the position of an
agent one can do contract with other parties on behalf of the firm.
14. Transferability of Shares :No one partner can transfer his share to any other person without the consent of
the existing partners.
15. Dissolution :It is a temporary form of business. It operates at the pleasure of the partners. It is
dissolved if a partner leaves, dies or declared bankrupt or insane. Partners can also
dissolve it by obtaining the degree from the court