INTRODUCTION

An association of two or more persons engaged in a business enterprise in which the profits and losses are shared proportionally. The legal definition of a partnership is generally stated as "an association of two or more persons to carry on as co-owners a business for profit" (Revised Uniform Partnership Act 101 [1994]).Early English mercantile courts recognized a business form known as the societas. The societas provided for an accounting between its business partners, an agency relationship between partners in which individual partners could legally bind the partnership, and individual partner liability for the partnership's debts and obligations.

PARTNERSHIP
Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The term is

defined as a voluntary contract between two or more competent person to

place their money, effects, labor and skill, or some or all of them, in lawful commerce or business, with the understanding that there shall be a communion of the profits thereof between them. Halsbury defines a partnership as "the relation which subsists between persons carrying on a business in common with a view of profit

TYPES OF PARTNERSHIP
Thus, when all these conditions are fulfilled, a group can be registered as

partners. Now there are various types of partnerships.

1. Ordinary Partnerships 2. Limited Partnerships 3. Partnership at-will

FINDING VALUE AND MEANING IN THE CONCEPT OF PARTNERSHIP

Partnership is a topic that has drawn the attention of many fields of inquiry most of which are closely coupled with professions. Reflecting the complexities of modern work environments practitioners, consultants, evaluators, and researchers have been challenged with the need to model and assess the performance of work involving multiple organizations. The need to understand how partnering works, and whether it influences the outcomes of work, has led to significant investments by government and the private sector in the topic. Building upon this trend, our Research, Evaluation and Technical Assistance (RETA) project is aimed at developing a model and theory of partnership

LIMITED PARTNERSHIP
In this kind of partnership one or more partners have limited liability and at least one of the partners has unlimited liability. The liability of the limited partner is limited to the extent of his investment in the business. It is formed under Limited Partnership Act 1907 (of England) One or more partners have limited liability There is at least one partner with unlimited liability The firm must be registered. Once this is done the rights and duties of the partners are also recognized. A limited partner has no right to take an active role in the management of partnership. The capital invested by the limited partner will not be returned to him as long as he remains a limited partner on the firm. The limited partner can inspect the accounts of the firm at any time. A new partner can be introduced into the firm at any time without the consent of the limited partners. The partnership should not consist of more than 20 partners (whether limited or not) except in the case of banking where they should not exceed 10. The registrar of Joint Stock Companies shall be the registrar of Limited Partnerships.

PARTNERSHIP AT-WILL
The essence of a partnership at-will is that the partners do not limit the duration of their partnership, and are free to break their relationship at any time they see fit. It is a partnership for indefinite period. The partnership may be dissolved at any point as long as the partner gives notice to all the other partners. An ordinary partnership becomes a partnership at-will under the following circumstances: 1. If the partnership is of a indefinite period 2. If a partnership is formed for a limited period of time, and the firm continues to function after the expiry of this period. 3. If a partnership is formed to conduct a particular venture, and then continues to function after the venture is complete.

RIGHTS DUTIES AND LIABILITIES OF PARTNERS RIGHTS OF PARTNERS

The different rights of the partners are as follows. 1. Right to take part in business. 2. Right to express opinion. 3. Right to inspect books. 4. Right to share the profits. 5. Right to interest on capital. 6. Right to interest on advances. 7. Right to be indemnified. 8. Right to act in emergency. 9. Right to give Consent. 10.Right to retire. 11.Right not to be expelled. 12.Right to carry on competing business. 13.Right to enforce. 14.Right to share in profits or interest. 15.Right to bind other partners.

DUTIES OF PARTNERS
The following are the duties of the partners.
1 Duty of good faith. 2. Duty to carry on business. 3. Duty to is to share losses. 4. Duty to use firms property for the firm. 5. Duty to account for personal profits. 6. Duty to be liable individually and jointly. 7. Duty to work for the greatest common advantage. 8. Duty to render accounts. 9. Duty of disclosure. 10.Duty to indemnify for frauds. 11.Duty to act within authority. 12.Duty in emergency. 13.Duty not to transfer interest.

FORMATION
The Formation Of A Partnership Requires A Voluntary
"Association" Of Persons Who "Coown" The Business And Intend To Conduct The Business For Profit. Persons Can Form A

Partnership By Written Or Oral Agreement, And A Partnership

Agreement Often Governs The Partners' Relations To Each Other And To The Partnership. The Term Person Generally Includes Individuals, Corporations, And Other Partnerships And Business Associations. Accordingly, Some Partner-ships May Contain

Individuals As Well As Large Corporations. Family Members May Also Form And Operate A Partnership, But Courts Generally Look Closely At The Structure Of A Family Business Before Recognizing It As A Partnership For The Benefit Of The Firm's Creditors.

RELATIONSHIP OF PARTNERS TO EACH OTHER

1. Each partner has a right to share in the profits of the partnership. Unless the partnership agreement states otherwise, partners share profits equally. Moreover, partners must contribute equally to partnership losses unless a partnership agreement provides for another arrangement. In some jurisdictions a partner is entitled to the return of her or his capital contributions. In jurisdictions that have adopted the RUPA, however, the partner is not entitled to such a return. In addition to sharing in the profits, each partner also has a right to participate equally in the management of the partnership. In many partnerships a majority vote resolves disputes relating to management of the partnership. Nevertheless, some decisions, such as admitting a new partner or expelling a partner, require the partners' unanimous consent.

2.

RELATIONSHIP OF PARTNERS TO THIRD PERSONS

A partner is an agent of the partnership. When a partner has the apparent or actual authority and acts on behalf of the business, the partner binds the partnership and each of the partners for the resulting obligations. Similarly, a partner's admission concerning the partnership's affairs is considered an admission of the partnership. A partner may only bind the partnership, however, if the partner has the authority to do so and undertakes transactions while conducting the usual partnership business. If a third person, however, knows that the partner is not authorized to act on behalf of the partnership, the partnership is generally not liable for the partner's unauthorized acts. Moreover, a partnership is not responsible for a partner's wrongful acts or omissions committed after the dissolution of the partnership or after the dissociation of the partner. A partner who is new to the partnership is not liable for the obligations of the partnership that occurred prior to the partner's admission.

Partnerships present the involved parties with special challenges that must be navigated unto agreement. Overarching goals, levels of give-and-take, areas of responsibility, lines of authority and succession, how success is evaluated and distributed, and often a variety of other factors must all be negotiated. Once agreement is reached, the partnership is typically enforceable by civil law, especially if well documented. Partners who wish to make their agreement affirmatively explicit and enforceable typically draw up Articles of Partnership. It is common for information about formally partnered entities to be made public, such as through a press release, a newspaper ad, or public records laws. While partnerships stand to amplify mutual interests and success, some are considered ethically problematic. When a politician, for example, partners with a corporation to advance the latter's interest in exchange for some benefit, a conflict of interest results; consequentially, the public good may suffer. While technically legal in some jurisdictions, such practice is broadly viewed negatively or as corruption.

Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. The term is

defined as a voluntary contract between two or more competent person to

place their money, effects, labor and skill, or some or all of them, in lawful commerce or business, with the understanding that there shall be a communion of the profits thereof between them. Halsbury defines a partnership as "the relation which subsists between persons carrying on a business in common with a view of profit