Question

Answer the following questions

Question 1. Define Partnership.

Question 2.State the important features of
Partnership.
Question 3. Define Dormant Partner.

Question 4.What are the limitations of partnership.?

Question 5.Distinguish between Partnership and
Sole-trade Business.

Answer 1

the state of being a partner or partners

Answer 2

Answer:

1) A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities. In a general partnership company, all members share both profits and liabilities. ... There may be tax benefits to a partnership compared to a corporation.

2) Features of Partnership Firm – Number of Members, Existence of Business, Contractual Relationship, Legal Business, Agency Relationship, Unlimited Liability and a Few Others. 1. ... For forming the partnership firm minimum two persons are required. There is a restriction on maximum number of partners.

3) A sleeping partner is also known as a “dormant partner”. This partner does not participate in the day-to-day functioning activities of the partnership firm. ... A sleeping partner like any other partner brings share capital to the firm. He also continues to share the profits and losses of the firm

Explanation:

sorry know only these

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