nA partnership is an association of two or
more persons who combine their money, property and skill to carry on a lawful business.
nA partnership can
be created orally although it is preferable to have a written agreement.
nThe advantage of
a partnership is that it allows co-owners to pool their talents and capital.
disadvantages are that each partner is liable for the debts of the partnership and the
withdrawal or death of a partner causes a termination of the partnership.
nEach partner is
an agent for the other partners and each is individually and jointly liable for contract
and tort liabilities in the scope of partnership business.