Chapter 1: Introduction to Partnership

A partnership is a single business in which two or more people share ownership.

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The partnership form emerged from the capital and managerial limitations of sole proprietor firm.
The reasons for the emergence of partnership firm are as follows:

1. An individual has sufficient funds but does not have the required skill.
2. An individual has the required skills but lacks sufficient funds.
3. To distribute business risk.

To run a business at a large scale and to expand it, more people, additional capital, skill and managerial ability are required. In such circumstances, more than one person gather to supplement each other and commence a business. Such a form of business organisation means a partnership firm.


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