1. A partnership is an association of two or more persons to carry on a business for profit.
2. Each partner is viewed as the other’s agent.
3. Every partner may take part in the management of the partnership business.
4. Family partnership is one in which the partners are members of a family.
5. No partner shall be entitled to remuneration for acting in the partnership business.
6. Partners are taxed as individuals and are personally liable for torts and contractual obligations.
7. Unless it is a limited partnership, it need not be established in writing.
8. The other partners shall, under the same condition, enjoy priority in obtaining the assignment.
9. The partnership books are to be kept at the place of business of the partnership or the principal place.
10. Traditionally, a firm is referred to a partnership, as opposed to company.