Partners are bound to carry on the business of the firm to greatest common advantage, to be just and faithful to each other, and to render true accounts and full information of all things affecting the firm to any partner, his heir or legal representative. Subject to the contract between the partners, the property of the firm shall be held and used by the partners exclusively for the purposes of the business. Where no provision is made by contract between the partners for the duration of their partnership, or for the determination of their partnership, the partnership is “partnership-at-will”.
The main advantage of owning a Private Limited Company is that the Liability of the shareholder limited to share held in the company.Read More
Partners can share the responsibility of the running of the business. So if one partner is good with figures, they might deal with the book keeping and accountsRead More
A partnership is generally easier to form, manage and run. They are less strictly regulated than companies, in terms of the laws governing the formationRead More
Partners share the decision making and can help each other when they need to. More partners mean more brains that can be picked for business ideasRead More