Question

Angad LLP and ABC Enterprises were two partnership firms who joined hands to work on constructing a super market in Lucknow, India. They decided to share profits equally and work together, pooling their technological and financial resources. After 3 years, the super market was handed over to the client and Angad LLP and ABC Enterprises closed the contract between them, promising to work together in future projects too Which type of partnership Angad LLP and ABC Enterprises were into?

A) General Partnership
B) Partnership at will
C) Particular Partnership
D) Fixed Period Partnership

Please answer IF you know. ​

Answer 1

Answer:

Question ❓

• Sherya and Vrinda joined together and edtablished a partnership firm dealing in electronic goods. Each one of them looks after one particular department . They had made it certain that every Saturday they would hold a meeting and share the information on the activities of their respective departments . In one of their meetings they discuss about some key areas on which they should focus their attention . Shreya says , ' we should focus on increasing the number of products and profits . " On the other hand , Vrinda says , " we should keep clear of the anti - social activities like adulteration , hoarding and profiteering ,and contribute to the benefits of the society like opening charitable dispensary , educational institution , etc.

Solutions

• Shreya is focusing on ' Economic Objectives ' of business. Economic objectives of business are centred around the personal profit of the business and besed on one slogan ' to earn maximum profits'. <br> (i) Profit earning : Business activities are undertaken primarily to earn profit , which is the excess of income over expenses . Every business must earn a reasonable profit to survive and grow . A business . cannot survive without making profits . Indeep , profit is a measure of the success in business . Profit is essential for covering costs and risks of the business. <br> (ii) Growth : Every business needs to add to its prospects in the long run . For this it is important for business to grow . Management must exploit fully the growth potential of the organisation. indicators of growth of a business are - (a) increase in sales turnover , (b) increase in the number of products and empolyees , etc. <br> On the other hand , Vrinda is focusing on " Social Objectives" of business. <br> Social objectives of business are centred around the interests of society and based on the slogan of ' social welfare '. It is necessary that business should also pursue certain objectives desired by the people of the society because business is an integral part of society. <br> (i) Avoidance of anti - social and unfantrede practices : A businessman should avoid hoarding , black- marketing , over - charging , misleading advertisments , etc . such unfair paractices may destroy the goodwill and image of the business and may be punishable also. <br> (ii) Community service : Large business units should undertake community services like setting up charitable dispensaries , schools , etc.

Explanation:

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Answer 2

Answer:

general partnership hope you have been understood