Rajeev, Brijesh & Mukesh mutually decided to start a partnership business of manufacturing kids garments. They also decided that Mukesh’s association with the firm will not be revealed to the general public. Brijesh will take active part in carrying out business of the firm, while Rajeev will not take part in the day to day activities of the business. Indentify the various types of partners which are being highlighted in the given case
Answers
Answer:
hey mate from below explanation you can get your answer
Explanation:
To carry on some business there should be an agreement. Mere co-ownership of a property does not amount to the partnership. The business must also be legal in nature, a partnership to carry out illegal business is not valid.
Mutual Agency
The business of a partnership firm may be carried on by all the partners or any of them acting for all. This statement has two important implications. First, to participate in the conduct of the affairs of its business, every partner is entitled. Second that a relationship of mutual agency between all the partners exists.
For all the other partners, each partner carrying on the business is the principal as well as the agent. He can bind other partners by his acts. And also is bound by the acts of other partners with regard to the business of the firm.
Sharing of Profit
The agreement between partners must be to share profits and losses of a business. Sharing of profits and losses is important. The partnership is not for the purpose of some charitable activity.
HOPE THIS HELPED YOU
PLEASE RATE ME AND THANK ME
Answer:
Mutual Agency - The business of a partnership firm may be carried on by all the partners or any of them acting for all. This statement has two important implications. First, to participate in the conduct of the affairs of its business, every partner is entitled. Second that a relationship of mutual agency between all the partners exists.
Sharing of Profit -- The agreement between partners must be to share profits and losses of a business. Sharing of profits and losses is important. The partnership is not for the purpose of some charitable activity.