Partnership formation for various activities

Partnership is a form of business organization where two or more persons come together to carry on a business with a view to earning profit. A partnership may be formed to carry on trade, occupation, profession or social enterprise. Let's look at each of these activities in detail.

Carrying on trade
A partnership may be formed to carry on any trade. Trade refers to buying and selling of goods and services. For example, a partnership may be formed to carry on a retail store, wholesale business, manufacturing unit, import and export business, etc.

Carrying on occupation
A partnership may also be formed to carry on any occupation. An occupation refers to a particular type of work that a person engages in for a living. For example, a partnership may be formed to carry on a restaurant, hotel, bakery, etc.

Carrying on profession
A partnership may also be formed to carry on a profession. A profession refers to a type of work that requires special knowledge, skill or training. For example, a partnership may be formed to carry on a legal, medical, engineering or accounting profession.

Carrying on social enterprise
A partnership may also be formed to carry on a social enterprise. A social enterprise refers to a business that is primarily focused on social or environmental goals rather than profit. For example, a partnership may be formed to carry on a non-profit organization, charity, social enterprise, etc.

Conclusion
In conclusion, a partnership may be formed to carry on any trade, occupation, profession or social enterprise. However, the partners should ensure that they have a clear understanding of the nature of the business they are entering into and the legal requirements for setting up a partnership.

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