PARTNERSHIP FUNDAMENTAL - ACCOUNTING FOR PARTNERSHIP

Business can be organised into different forms like sole proprietorship, partnership firm or a company. Every form of business has its own share of limitations. As a business expands, there is a requirement of capital and more risk is involved.
Partnership is based on mutual agreement and in a partnership, they agree to share capital, profits and loss of the business. The individuals who have entered into the partnership are known as partners.
Partnership is defined as per the Indian Partnership Act, 1932 as “the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
Features of a partnership
The following features of a partnership can be discussed:
It is an association of two or more persons
A partnership is established by an agreement
Partners must share the profit and loss of the business
Business must be conducted lawfully in order to make profit
Partnership business must be carried by all or any one on behalf of all. Mutual and implied agency forms the basis of partnership.

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