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A partnership firm is an association of two or more persons called partners who undertake a venture for mutual benefit. A partnership firm can open accounts and the account must be signed by all partners. The death, retirement, or insolvency of a partner can affect the partnership agreement and bank account operations. Banks must follow the partnership agreement and notify partners of any changes in operations or partner status that could impact the account.
- Author
- Shafeer Khan
- Language
- EN