Partnership II

Commerce SSS1 Third Term

WEEK 9

Partnership II

Performance Objectives

The student should be able to:

     1. State the advantages and disadvantages of a partnership.

Content

Formation of Partnership

A partnership business may be established without any formality although the partners have certain unavoidable obligations to third parties; they may make such agreement between themselves in respect of the internal management of the firm. It is accordingly usual for people entering into a partnership to express their intention in a partnership agreement known as a deed of partnership. Deed of a partnership may be defined as agreements, rules and regulations guiding the members of a partnership.

The agreement contains the following rules and regulations:

1. The names of the…