What is partnership? State its merits and demerits.

Question

21 Sep 2022

Answer :

Word Count : 316

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits.

There are several types of partnership arrangements. In particular, in a partnership business, all partners share liabilities and profits equally, while in others, partners may have limited liability. There also is the so-called "silent partner," in which one party is not involved in the day-to-day operations of the business.

Partnerships do not pay income tax. The tax responsibility passes ___ ______ ______ ___ _______ ________ __________ _________.
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