Question

briefly explain the types of parterns
​

Answer 1

Explanation:

A partnership is when two or more people work together and share the profits from the business or profession. However, one must not always assume that all partners participate in the work or profits or even liabilities of the firm equally. In fact, there are various types of partners based on the extent of their liability, or their participation in the firm – like an active partner or dormant partner etc.

Answer 2

Explanation:

Law Firm Partners

Law Firm Partners Most law firms embrace a two-tiered partnership structure: equity and non-equity. Equity partners have an ownership stake in the firm and they share in its profits. Non-equity partners are generally paid a fixed annual salary.