explain the types of partner ship firm?
Answers
Answer:
There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (L L P ). A fourth, the limited liability limited partnership (L L L P), is not recognized in all states.
Explanation:
Answer:
the partnership is Classified on the basis of two factors , viz., duration and liability
Explanation:
classification on the basis of duration
1)partnership at will :- this partnership continues as long as the partner wants . it's totally on their will
2)particular partnership :- this partnership formed for the accomplishment of a particular project say construction and decline after the completion of time period or project
classification on the basis of liability
1) General partner :-English partnership the liability of partner is limited and joint
2) Limited partnership :- in this partnership the liability of a least one partner is unlimited whereas the rest may have limited liability