Question

Seema, Sushma and suhana became good friends while perusing a fashion designing course from a

premier institute in Delhi.Seema expressed her desire to start a business in partnership with sushma and

suhana after completing their course .Sushma and suhana readily agreed to the proposal but at the same time

expressed their desire to join seema in business only on the condition that their liability will be limited in the

business. In the context of the above case :- (a) Identify the type of partnership that Sushma and Sushana are

referring to. (b)How is this type partnership different from the other type of partnership formed on the basis of

liability (c) Explain the three types of partners in firm.​

Answer 1

Answer:

a.. limited liability partnership

b.unlimited liability partnership, where in the event of windup personal assets of the partners are also liable to pay the debts...

c.limited liabilitypartnership, unlimited liability partnership, general partnership and llc partnership