Question

State the types of partnership firm.

Answer 1

There are three relatively common partnership types: 
general partnership(GP), limited partnership (LP) andlimited liability partnership (LLP). A fourth, the limited liability limitedpartnership (LLLP), is not recognized in all states.

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Answer 2

Such a firm can be categorised into three kinds on the basis of :

1. Duration: One way the partner can support a firm as long as he wishes to do and can end the relationship by providing notice to them. Otherwise, the partnership formed for a particular project and as it ends their partnership ends with that.

2. Liability: If the partnership is general they have unlimited access and the registration is optional. Or if it is limited, then their access into the firm is also limited.

3. Registration: If the partners are registered under a 1932 partnership act, then it is a registered partnership or else it is known as an unregistered partnership.