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09

Partners have to do business. When they meet to do social, religious or charitable work, such an association of people cannot be called a partnership society. The essential elements of the partnership in the economy are listed below: Legally, each partner has the right to participate in the management of the business. In practice, however, not all partners need to be involved in the day-to-day operations of the company. If the partnership activity is managed by certain partners; agreement from all partners is necessary to make important decisions. The partnership is the result of a contract. It does not arise from a status, a right or an inheritance right. Thus, after the death of the father, who was a partner in a business, the son can claim shares in the ownership of the company, but can only become a partner if he enters into a contract with other persons concerned. In addition, to be a partnership, the activity must be „continued,“ suggesting continuity or repetition of actions. A single isolated transaction to buy and sell by a certain number of people does not mean continuing the activity. In a partnership company where all partners are active, you control the vests with everyone.

No major business decision can be made without the unanimous will of all partners. In some companies, only one or two partners are active and the rest sleep or sleep. This is why it is also a very important characteristic point of the partnership activity. The partnership activity is underway with an association of all partners or one of them who works for all. This indicates that each partner works as an agent when acting on behalf of other members or partners and is a client when others act on their behalf. As part of the partnership agreement, individuals are committed to doing what each partner will bring to business. Partners may agree to pay capital to the company in the form of a cash contribution to cover start-up costs or equipment contributions, and services or real estate may be mortgaged as part of the partnership agreement.