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AGREEMENT - The relationship between
partners arises from contract and not status. If after the death
of sole proprietor of a firm, his heirs inherit firm they do
not become partners, as there is no agreement between them.
SHARING OF PROFITS – The partners may
agree to share profits out of partnership business, but not
share the losses. Sharing of losses is not necessary to constitute
the partnership. The partners may agree to share the profits
of the business in any way they like.
BUSINESS – Business includes every trade,
occupation, or profession. There must be course of dealings
either actually continued or contemplated to be continued with
a profit motive and not for sport or pleasure.
RELATION BETWEEN PARTNERS– The partner
while carrying on the business of the partnership acts a principle
and an agent. He is a principal because he acts for himself,
and he is an agent as he simultaneously acts for the rest of
the partners.
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