Partnership features merit demerits

It is also an important form of business organization. It is very popular in world economy but it is less popular in india. The organization that is established according to partnership act concern country to start a business carned on by either all of them or any of them on behalf of/ acting  for all. These type of organization is called partnership. According to indian partnership act 1932. The relation between two  or more persons who have agreed to share the profits from a business carried on by either all of them or any of them on behalf of / acting for all. This type of organization is called partnership. 
* Featers of partnership- There are many features of partnership . These are as below-
1. It is established according to an agreement.
2. It has unlimited liability.
3. It has also short life.
4. It has many  members.
5. It has mutul agency and understanding.
6. Its formation is also easy.
7. It takes collective desision.
8. It has more finance than sole propritorship.
9. Its servision on firm is perfect.
10. Its operation is flexible.
11. It maintains secrecy.
12. It protects interest of one another.
13. It cooperates one another.
* Demerit- 
1. It has unlimited liability.
2. It has also limited resourse.
3. It has less public trust

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