explain any five types of partnership
Answers
Answer:
They are as working partner, sleeping partner, nominal partner, partner by estoppel, limited partner, secret partner, partner by holding out, sub-partner, partner in profit. They are briefly explained below.
Answer:
Some of the types of partnership are:-
1. Partnership at Will 2. Particular Partnership 3. Partnership for Fixed Term 4. Flexible Partnership 5. General Partnership 6. Limited Partnership
1. Partnership at Will:
Such partnership exists on the will of the partners, i.e., it can be brought to an end whenever any of the partners gives notice of his intention to do so. This kind of partnership is formed to conduct lawful business for an indefinite period.
2. Particular Partnership:
A particular partnership is formed for undertaking a particular venture. It comes to an end automatically with the completion of the venture.
3. Partnership for Fixed Term:
Such a partnership is for a fixed period say 2 years, 5 years, or any other duration. The partnership comes to an end automatically at the expiry of the period.
4. Flexible Partnership:
Partnerships that are formed neither for a fixed period nor for any particular venture are called flexible partnerships.
5. General Partnership:
In the absence of agreement, the provisions of the Indian Partnership Act 1932 are applicable for general partnerships in which the liability of each partner is unlimited.
6. Limited Partnership:
In a limited partnership, some or all except one partner have limited liability to the extent of capital contributed by them. All the partners in a partnership cannot have limited liability.
Explanation:
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