Explain all of this in very simple words. Also write one basic example of partnership.

Social Security ployment injury. This benefit is 32 partial disablement shall be benefit, to receive disablement PARTNERSHIP with the death of the secured ment pension shall be payable Partnership Act The law of partnership is contained in the Partnership Act, 1932. It came into force on 1st October, 1932. It extends to the whole of Pakistan. [Sec. 3] ablement shall be entitled to Meaning and Definition this pension ceases to suffer iffer from minor disablement, Section 4 states, "Partnership is the relation between persons who have , be entitled to disablement acting for all." agreed to share the profits of a business carried on by all or any one of them A partnership is a voluntary association of two or more persons who ents according to the rate of contribute capital and skill to run a business for profit and share the losses. The deceased person. When the persons who enter into a partnership are individually called partners. The dy widower, the survivor's persons who enter into a partnership are collectively called a firm. nother, if they are alive, at a Characteristics t pension. The survivor's The following are characteristics or features of a partnership: 1. Legal Entity A partnership has no separate legal entity apart from its members. It means the partnership and partners are not separate from each other. The rights years of age in case of a and liabilities of the partnership are considered the rights and liabilities of se of a female child. partners. If a partner dies, retires or becomes insane, the partnership ends. 2. Agreement g injury benefit or total A partnership is the result of an agreement between two or more persons. dowers or if there are no An agreement may be written or oral. The persons who are competent to funeral shall be entitled to contract can form a partnership. Upon the death of a father who was a partner in rate of injury benefit or of a firm, the son can claim a share in the firm's assets but cannot become a less than Rs. 1500. partner unless he enters into an agreement with other partners. 3. Number of Partners At least 2 persons are required to form a partnership. The Partnership Act, 1932 does not mention any maximum limit of partners in a partnership. it injury According to the Companies Act, 2017 a partnership consisting of more than 20 to the Social Security persons cannot be formed. However, a partnership of more than 20 persons can be formed to carry on practice as lawyers, accountants and other professions. In ribution. the case of a partnership between two or more joint families, the number of to a secured person. members may be more than 20. 4. Purpose of Partnership gree to run a certain