Assume you are starting a partnership firm
with your friend/friends. Develop a business
plan covering the following aspects:
− Formation of this partnership firm – rules
and steps that would be followed
including the partnership deed
− Choice of types of partners involved and
your justification for the same.
Answers
Answer:
n a unique feature, all partners have unlimited liability in the business. The partners are all individually and jointly liable for the firm and the payment of all debts. This means that even personal assets of a partner can be liquidated to meet the debts of the firm.
Explanation:Types of Partnerships in India
General Partnership: ...
Limited Liability Partnership (LLP): ...
Based on Partnership Registration Status: ...
Active or Working Partner: ...
Dormant or Sleeping Partners:
Nominal Partner: ...
Partner by estoppel or holding out: ...
Partner in profits only:In this partnership, each partner represents the firm with equal right. All partners can participate in management activities, decision making, and have the right to control the business. Similarly, profits, debts, and liabilities are equally shared and divided equally.Partnership definitions
The state of being a partner; participation. ... The definition of a partnership is a relationship between two or more individuals. An example of a partnership is two businesses working together. An example of a partnership is a marriagePartnership Business Examples: Everything You Need to Know
Red Bull & GoPro. One example of a partnership business is the relationship between Red Bull and GoPro. ...
Sherwin-Williams & Pottery Barn. ...
West Elm & Casper. ...
Dr. ...
Louis Vuitton & BMW. ...
Spotify & Uber.
Partnership Business Examples | UpCounse