The success in partnership business can be attained through proper co-ordination and cordiality of partners’ who differ in different capacities like wealth, talent and skill. Every partner must contribute his best for the success of partnership. The following characteristic in this form of organization leads to ideal partnership:
- An ideal partnership should not have more than six or seven persons because too many cooks spoil the meal.
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- The partner should not make any secret profit at the cost of firm.
- It should be carried on for a substantial long period.
- Partners must work in absolute good faith and every partner should be just and faithful to each other.
- There should be mutual understanding among the partners.
- The partnership firm should be registered.
- Partners should have sufficient working capital for smooth conduct of business.
- The partners should have some experience in the line of business.
- There should be balancing of skill and talents.
- The partners should have a written partnership deed.
- Partnership business can be managed either by all or any one acting for all.