Essential elements or main features of Partnership :
(i) Two or more persons: Partnership is an association of two or more persons.
(ii) Agreement: The Partnership is established by an agreement either oral or in writing.
(iii) Lawful Business: A Partnership formed for the purpose of carrying a business, it must be a legal business.
(iv) Profit sharing: Profit of the firm is share by the partners in an agreed ration, if the ratio is not agreed then equally. Profit also includes loss.
