Partnership fir wps office

Partnership firm
A partnership firm is an organization which is formed with two or more persons to run a business with a
view to earn profit. Each member of such a group is known as partner and collectively known as
partnership firm or or organization. These business are operated by two or more than two persons by
entering into a partnership agreement to combine their resources in a business with the objective to
make profit.
Characteristics of partnership firm
The characteristics of partnership firm are as follows:
1. Formation : In case if formation of partnership firm there must be the involvement of at least
two persons but the maximum number is not mentioned in the partnership act. For the
registration of partnership firm it should be registered under the department of industry or
commerce of Nepal government.
2. Agreement : There must be the mutual agreement among the partners in the partnership firm.
The partners go into the agreement that bind them. Partnership deed is determined clearly
before the commencement of business. But it differs from business to business. This document
may be written or oral. But it must be written so that disputes may be settled according to the
provisions of agreement.
3. Unlimited liability : This is the prominent feature of partnership that the liability of partner is
not limited to the amount invested but his private property is also liable to pay the business
obligations. If the debts is not cleared through the business then the partners has to bear the
losses or debts from their own private property as well.
4. Transferability of shares : There is restriction to transfer the share from one latter to another
person without the consent of existing partners. So the investment in the partnership remains
confined into few hands. One cannot transfer his/her share to others without the approval of
remaining partners.
5. Mutual confidence : The business of the partnership cannot be conducted successfully without
the element of mutual confidence and cooperation if partners. So, the members must have
trust and confidence in each other.
6. Investment : Each partner contributes his share in the capital according to the agreement. Some
persons become partners without investing any capital to the business. But they devote time,
energy and ability to their business instead if capital and receive profit.
7. Principal-agent relationship : This relationship is based on mutual trust and faith among the
partners in the interest of the firm. One partner is an agent as well as principal to other partner.
He can bind the other person by his act. In the position of an agent he can make contract with
another person or parties on behalf of his concerned firm. According to this, every partner is an
agent when he is working on behalf of other partners and he is the principal when other
partners act on his behalf.
8. Sharing of profit and loss : In partnership firm all the profits and losses are shared by the
partners in any ratio agreed. If it is not given then they share it equally. According to agreement
made, the profits and losses are shared accordingly.
9. Lack of separate legal entity : Partnership has no separate legal entity. Therefore, it cannot
carry out any transactions like agreement, contract or business activities on its own name
independently. All the partners are individually and collectively responsible for the activities of
the firm.
10. Joint management : Partnership firm can be managed jointly. All the partners have the right to
manage the business. However it can also be entrusted to other partner for the management or
operation of activities. The partners can become the active partners or sleeping partners on the
basis of mutual agreement which is also made on the basis of knowledge, skills and expertise,
time availability and other factors.

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