It is a form of business which comes to sort out the drawbacks in sole proprietorship. When the business moves to a next step, one person cannot handle all the operation and day to day affairs. In that situation, more persons are required to contribute their funds, join hands and apply other skills to run the business effectively. There it arises as an extension of sole proprietorship.
It is the association of two or more persons who are mutually agreed to carry out the business together and share all its losses and profits.
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