MANAGEMENT

Detailed explanation-1: -What is a partnership? A partnership exists therefore where two or more people (or Companies) combine together in business. There is a statutory maximum of 20 partners but there are many permitted exceptions to this including solicitors, Accountants, Estate Agents etc.

Detailed explanation-2: -A partnership is a business owned by at least 2 partners. The partner can be an individual, a company or a limited liability partnership. The maximum number of partners in a general partnership is 20.

Detailed explanation-3: -General Partnership (GP) If the partners are more than 20, it must be incorporated as a company. All partners are personally liable for the debts and liabilities of the business. The partners’ liability remains unlimited. The partners are liable for the debts or losses incurred by the other partners.

Detailed explanation-4: -20. Extension and restriction of partner’s implied authority.-The partners in a firm may, by contract between the partners, extend or restrict the implied authority of any partner.