What Is Partnership? Explain Its Advantages And Disadvantages?

PARTNERSHIP
The partnership is the relationship between two to fifty persons who agree to run a common business with the view to earn the profit. The partnership act 1932 of Pakistan clearly mentions that in banking business the partner must be between 2 to 10 & in limited partnership the no of member are 2 to 50 are required. All partner share profit & loss according to the partnership agreement. For forming the partnership requires the partnership deed on which all partner must signature agree upon it.

ADVANTAGE OF PARTNERSHIP
The partnership is easily to format and organized. The partner enters into a partnership agreement and start business. The partnership enjoys a better credit rating in the eyes of creditors. As the liability of each partner in the organization is unlimited, the financial institution can safely advance loan to the firms. Partnership can bring more capital o the business by the joint efforts of the partners. The partnership is normally in strong position to raise capital and expand the business. The profits of a registered firm, after payment of super tax, are divided among the partners. They pay tax to the government on their shares to profit. The partnership can also be legally dissolved without much difficult by mutual consent of the partners or in accordance with a contract by the partners.

DISADVANTAGES OF PARTNERSHIP
The one of the basic defect of the partnership is that the partners are personally and jointly responsible for all the debts of the firm. The duration of the partnership is always uncertain. If any partner die, injured, withdraws, sells his interest or a new partner is admitted into the business, the partnership comes to end. In partnership the misuse of the resources is raised by the partners. In case of any dispute among the partners, a delay may take place in decision-making process. This an cause loss to the firm.

ADVANTAGE OF PARTNERSHIP
The partnership is easily to format and organized. The partner enters into a partnership agreement and start business. The partnership enjoys a better credit rating in the eyes of creditors. As the liability of each partner in the organization is unlimited, the financial institution can safely advance loan to the firms. Partnership can bring more capital o the business by the joint efforts of the partners. The partnership is normally in strong position to raise capital and expand the business. The profits of a registered firm, after payment of super tax, are divided among the partners. They pay tax to the government on their shares to profit. The partnership can also be legally dissolved without much difficult by mutual consent of the

When two or more person become joints owners with a view to carrying on a sharing the profits or losses in agreed proportion ,partnership comes into existence
advatages
1larger capital
2audit
3management
4cooperation
disadvantages
1unlimited liability
2lack of capital
3inefficient partnership
4legal defects

"When two or more people become joint owner with a view to carry on a business together and sharing the profits in agreed proportions. This is known as Partnership. The contract act has defined Partnership as; "The relation which subsists between persons who have agreed to combine there property, labour  or skill in some business and to share the profits there of between them" The person who constitute this organization are individually termed as partner and collectively known as firm and the name under which their business id conducted is called the "firm name" The number of partners must not exceed twenty in ordinary business and not more then ten in banking business.            A partnership can be formed without any legal formalities like soul trader ship it is easy to form and simple to run. Similarly, if it's necessary partnership may be dissolved without performing any legal process. It does not possess a legal identity a part from its members. From the operating stand point, the partnership may conduct a business in very much the same manner as a soul proprietorship.                                                                      The form of organization is very popular in our country. The small and medium size business activities (i.e. Whole sale or retailing, production or distribution are performed under this form. Two or more persons may start this business with a moderate capital and new partner may be admitted forgetting additional capital. 

There are different strengths and weakness of working in partnership like first of all you need to bring everything to notice of your partner before taking any step in business or for making any decision. You have to share profits as well as losses of business with your partner so if you go in deeply on status on partnership then you will find so many points to consider.

A partner ship is an agreement between 2 to 20 partners who agreed to own and run a business together

As it says in the partnership act 1890 " the relation between persons carrying on business with common view to profit". They share responsibilities for running the business and share the profits.

Often a business requires a combination of talents say, lawyers and doctors specialization in different areas. Any two or more people can get together and from a partnership. Each agrees to provide some fraction of the work and capital, to share some percentage of the profits, and of course to share the losses or debts.
Today, partnerships account for only a small fraction of total economic activity. The reason is that partnerships pose certain disadvantages that make them impractical for large businesses. The major disadvantage is unlimited liability. General partners are liable without limit for all debts contracted by the partnership. If you own 1 percent of the partnership and the business fails, you will be called upon to pay 1 percent of the bills and the other partners will be assessed their 99 percent. But if your partners cannot pay, you may be called upon to pay all the debts even if you must sell off your prize possessions to do so.
The peril of unlimited liability and the difficulty of raising funds explain why partnerships tend to be confined to small, personal enterprises such as agriculture and retail trade. Partnerships are simply too risky for most situations.

There are too many different answers for this question. Can you be more specific? Are you talking about partnership in business? Or partnership in relationship or among peers?

Basically, partnership is a situation where two or more people have some sort of an agreement together, either divided equally or in some proportion and all the parties should agree to the contract.