EX-1.

Enumeration

A. Three distinct factors of the definition of a partnership

 Association of two or more persons
 To carry on as co-owners
 Business for profit
B. Characteristics of a partnership
 Separate legal personality
 Ease of formation
 Capital limitations
 Co-ownership of partnership property and profits
 Limited life
 Mutual agency
 Unlimited liability
EX-2. Identification

1. A business entity that is owned by two or more people with the goal of generating
a profit. PARTNERSHIP
2. A formal document that contains an outline of how a partnership will work.
PARTNERSHIP AGREEMENT
3. Any natural person who possesses the right to enter into a contract can become
a partner. ASSOCIATION OF TWO OR MORE PERSONS
4. This means that all partners are co-owners of partnership property and are co-
owners of the profits or losses of the partnership. TO CARRY ON AS CO-
OWNERS
5. A partnership may be formed to perform any legal business, trade or profession,
or other service. BUSINESS FOR PROFIT
6. The partnership may be created by oral or written agreement between two or
more persons, or merely by inferences from the implication of their conduct.
EASE OF FORMATION
7. Partners are completely liable for any debts or legal claims that may arise against
the business. UNLIMITED LIABILITY
8. The life of the partnership relies on the life of the owners. LIMITED LIFE
9. Each partner is an agent and is allowed to act on behalf of the partnership in
business deals. MUTUAL AGENCY
10. Each partner has a proprietary interest in the partnership. CO-OWNERSHIP OF
PARTNERSHIP PROPERTY AND PROFITS
11. A partnership may, therefore, acquire property in its own name and may enter
into contracts. SEPARATE LEGAL PERSONALITY
12. Views the assets of a business as belonging to the proprietor, the liabilities as
debts of the proprietor, and the income of the business as an increase in the
proprietor’s net worth. PARTNERSHIP THEORY