According to Section 4, the following essentials are necessary to constitute a ‘partnership’.
1. There should be an agreement between the persons who want to be partners.
2. The purpose of creating partnership should be carrying on of business.
3. The motive for the creation of partnership should be earning and sharing profits.
4. The business of the firm should be carried on by all of them or any of them acting for all, i.e., in mutual agency.
When all the above elements are present in a certain relationship that is known as ‘partnership’. Persons who have entered into partnership with one another are called individually ‘partners’ and collectively ‘a firm’ and the name under which their business is carried on is called the ‘firm name’. If you want to be a judicial officer and are looking for RJS coaching, here, at Jyoti Judiciary we provide comprehensive study material to make your preparation solidified and topnotch. From preliminary mock tests, to mains answer writing sessions every material required for clearing the exam is provided. We have separate legal current affairs classes, legal general knowledge, current affairs classes all in one time enrolment. Hurry up.
