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Elements are:
1. Partnership business can start with two or more person.
2. All partners are liable for the debts of the firm
3. Partners can be divided as - Active, Sleeping, Nominal, Minor etc
4. according to the roles what he plays in the firm he gets paid
5. There is no compulsion on registration - But neither firm nor other can file a suit against each other in the court of law
Wiki User
∙ 15y ago
Wiki User
∙ 11y ago1. Contract= Partnership is the result of a contract. It does not arise feom status, operation of law or inheritance. thus at the of father, who was a son can claim share in the partnership property but can't become a partner unless he enter into a ccontract.
2. Two or more partner
3. Carrying on of business
4. Sharing of profit
5. Mutual agency
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