Nevertheless, a partnership is a cheap and convenient way for many people to go to business together and is a popular business structure for many Indians. And an important step in the creation of the partnership is to record in writing the agreement between the partners using this act of partnership. Compared to a business or foundation, a partnership may have lower installation and administration costs. Businesses and trusts certainly offer some protection of liability, but not a partnership. A partnership is not a separate unit from the partners. If the company assumes liability, the partners are personally responsible. In addition, a partner may be held liable for the debt incurred by another partner in the name of the partnership. In a partnership, several partners can work together (unlike an individual contractor). Each partner shares a portion of the partnership`s profits and losses and each partner is personally responsible for the debts and obligations of the partnership.
Other names of the document: statutes, partnership agreement, partnership agreement, partnership agreement, partnership agreement, general partnership agreement.