sge (Page 399)

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In some respects the partnership is the extension of the sole proprietorship but designed to include more than one person. It is defined in law as "an association of two or more persons who are the co-owners of the business". The authority for its creation rests in the common law "right of voluntary association". There can be no partnership without the expressed intention of all partners. The legal basis for the partnership is usually a written docume nt called the Articles of Association. The law in most countries recognises two forms of partnerships: The general and unlimited partnerships. Forming the partnership Basic to all partnerships is an agreement of intent which may be oral, implied by actio ns or written down. Partnership Agreement— the provisions agreed upon by partners are written down and form a
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