Partnership vs. Association
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Basis
of diuerence
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Partnership
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Association
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Meaning
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Partnership means and involves
setting up relation of agency between two or more persons who have entered
into a business for gains, with the intention to share the profits of such a
business.
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Association evolve out of social
cause where there is no necessarily motive to earn and share profits. The
intention is not to enter in a business for gains.
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Examples
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Partnership to run a business and earn profit thereon.
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Members of charitable society or
religious association or an improvement scheme or building corporation or a
mutual insurance society or a trade protection association.
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