Question

After completing the graduation, three close friends( Gopal, Shankar and Vinod)
decided to start a partnership business of manufacturing mobile accessories. However
all three of them are confused about the type of partnership they should start
- Gopal wants that the partnership should be such that it can be brought to an end
at the desire of any partner
- Shankar wants to do the partnership business for a period of three years only
- Vinod wants that his liability should be limited in the business
Identify the types of partnership that the three friends are referring to and explain them.

Answer 1

Answer:

Explanation:After completing graduation, three close friends (Gopal, Shankar, and Vinod) decided to start a partnership business of manufacturing mobile accessories. However, all three of them are confused about the type of partnership, they should start.• Gopal wants that the partnership should be such that it can be brought to an end at the desire of any partner.• Shankar wants to do the partnership business for a period of three years only. • Vinod wants that his liability should be limited in the business. Based on the above case answer the following questions: a) Define Partnership according to ‘The Indian Partnership Act, 1932’. b) Explain the Partnership Deed. c) Identify the types of Partnerships that the three friends are referring to