discuss any two types of partnership
Answers
There are 8 types of parterns
Any two:
ACTIVE PARTNERS:
THEY PARTICIPATE IN THE DAY TO DAY OPERATIONS OF THE BUSINESS ACTIVITIES. THEY ARE ALSO KNOWN AS DORMANT PARTNERS. THEY SHARE THE PROFITS & LOSSES OF THE BUSINESS EQUALLY.
SLEEPING PARTNERS:
THEY DONOT PARTICIPATE IN THE DAY TO DAY ACTIVITIES OF THE BUSINESS ORGANIZATION. HOWEVER THEY SHARE THE LOSSES OF THE FIRM & CONTRIBUTE THE CAPITAL.
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General Partnership and Limited Partnership are commonly two types of partnership business among the others.
Explanation:
The creation of General partnership usually does not require much administrative formalities such as state filling,paying filling fee,state fees and franchise tax.The partnership can obtain business license and start the business once the partners invest in the business.Under general partnership,the owners or partners do not have to separate personal and business assets and conduct annual meetings involving the owners or shareholder.
Limited partnership is characterized by only one partner who assumes unlimited responsibility of the business and other partners usually have limited liability of responsibility.The partners who are limited do not have any direct involvement in the regular business operations and decision making process in business.They are also not involved in the management or administration.